Ark Invest's Cathie Wood Scoops Up Over $32 Million in SpaceX Shares Following Three-Day Slide

Deep News06-23 13:20

Shares of Elon Musk's SpaceX plummeted over 16% on Monday, closing at $154.60, a level below its first-day closing price and erasing more than $600 billion in market value over a three-day period.

The company's latest total market capitalization stands at approximately $2.03 trillion.

Cathie Wood's Ark Investment Management aggressively purchased SpaceX stock on Monday through several of its ETFs, including the ARK Innovation ETF (ARKK), the ARK Autonomous Technology & Robotics ETF (ARKQ), the ARK Next Generation Internet ETF (ARKW), and the ARK Space Exploration & Innovation ETF (ARKX). The total acquisition amounted to 210,121 shares, valued at roughly $32.5 million based on the closing price.

Since its dramatic first-day surge, the share price of SpaceX has been on a downward trajectory. Despite this, the Elon Musk-led firm remains the world's seventh most valuable company by market cap. Ark's continued confidence in SpaceX's long-term potential suggests the current market conditions present a strategic buying opportunity.

Wood recently indicated that Ark's preliminary research suggests orbital data centers could potentially increase SpaceX's revenue potential by 10 to 20 times current forecasts, positioning this business segment as a potentially transformative growth driver.

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