As Tesla shares continued to rise for a second day, Cathie Wood-led ARK Investment Management bought 22,514 shares of the electric car maker’s stock, with an estimated value of more than $2.74 million.
What happened: Shares in Tesla ended 8.08% higher on Thursday. The rally continues until Wednesday’s return after Elon Musk’s call employees and tell them not to be “bothered by stock market madness.” In an email sent to employees on Wednesday, Musk reportedly said he believes Tesla will be the most valuable company on Earth in the long term.
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Wood has bought Tesla for the third day in a row now, after buying over 65,000 shares in the electric car maker this week. Since mid-December, ARK has uploaded over 254,000 shares of Tesla despite the roots the stock has seen following Musk̵[ads1]7;s involvement with Twitter.
Tesla is the flagship’s third largest holding ARK Innovation ETF SHEET with a weight of 6.26% while it is the fourth largest holding of ARK Autonomous Tech. & Robotics ETF ARCHQ with a weight of 7.21%, according to the latest data available on the company’s website.
Other purchase: ARK also bought over 158,000 shares of Coinbase Global Inc COIN shares Thursday at an estimated value of more than $5.4 million. The purchase was made through ARK Fintech Innovation ETF ARKF.
Coinbase enables users to trade and hold cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.
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