Cathie Wood has an investing strategy. So it’s no surprise that as Tesla (TSLA) suffered its worst percentage loss in just over a year, Wood’s Ark Invest bought up TSLA stock on both Thursday and Friday.
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Ark Invest’s Ark Innovation ETF (ARKK) bought 148,246 Tesla shares on Thursday, while Ark Next Generation Internet ETF (ARKW) added 29,624 shares. The 177,870 shares were worth $32.48 million as of Thursday’s close.
On Friday, Cathie Wood’s Ark Invest bought 182,541 Tesla shares, worth $33.45 million as of the closing price. ARKK bought 151,984 shares and ARKW added 30,557.
That’s a two-day tally of 360,411 shares.
On Wednesday night, the Tesla missed earnings views, warned of slower growth in 2024 and gave little indication of positive drivers until 2026 or later.
TSLA stock plunged 12.1% on Thursday to 182.63 to hit its worst levels since May. On Friday, shares edged up 0.3% to 183.25.
Cathie Wood’s Ark often buys stocks when they’ve fallen sharply.
Please follow Ed Carson on Threads at @edcarson1971, X/Twitter at @IBD_ECarson and Bluesky at @edcarson.bsky.social for stock market updates and more.
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