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Tesla Stock Jumps Over 2% in Premarket Trading

Tiger Newspress2022-12-29

Tesla stock jumps over 2% in premarket trading.

As Tesla Inc shares witnessed a surprise rebound on Wednesday, Cathie Wood-led ARK Investment Management loaded up on the EV maker’s stock, having purchased 17,960 shares at an estimated valuation of over $2 million.

On Wednesday, Elon Musk reportedly told employees they should not be "bothered by stock market craziness" after the EV maker’s shares plunged nearly 70% this year on concerns over softening demand for electric vehicles and Musk's distraction following the Twitter purchase. In an email sent to staff on Wednesday which was reviewed by Reuters, Musk said he believes Tesla will be the most valuable company on earth in the long term.

The surge in the stock price follows its decline to over two-year lows on Tuesday after a report indicated the company intended to run a reduced production schedule in January at its Shanghai plant. Since mid-December, Wood’s funds have loaded up over 232,000 shares of the EV maker.

Tesla is the fifth largest holding of ARK’s flagship fund, the ARK Innovation ETF (ARKK), with a weight of 6% while holding the same rank in the ARK Autonomous Tech. & Robotics ETF (ARKQ) with a weight of 6.98%, according to the latest data available on the company’s website.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment8

  • 来人
    ·2022-12-29
    Ok 
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  • 来人
    ·2022-12-29
    Ok 
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  • Fatfish
    ·2022-12-29
    Drop back to 100 pls. Need to buy some
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  • 中蓝的中榕
    ·2022-12-29
    Dont become exit liquidity for musk
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  • DCkia
    ·2022-12-29
    Go back to 100+ pls, I want buy
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  • henryxie1688
    ·2022-12-29
    Die... the jinx has cursed tesla
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  • Ah_Meng
    ·2022-12-29
    ARK, like Tesla and cryptocurrency, resembles the excesses in the environment. Whether you think this excess will continue would determine where you position your trade. It appears that the commercial world is waiting and hoping for a Santa 🎅 Claus rally despite the correction in the past few days. There are two more trading days in the US market. A short term rebound is probably around the corner given the will of many traders in this holiday shorten week. Let's rejoice for now and count our blessings, for we have all clear another year. There are so much rollercoaster rides that the market might present us. Buckle up and enjoy the ride... Just remember to keep safe.
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    • FrankRebecca
      ARK ETF declined a lot in 2022?
      2022-12-29
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    • AndreaClarissa
      We still need to be catious on market next year.
      2022-12-29
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    • PenelopeHood
      There are so much rollercoaster in 2022, and it will last in 2023.
      2022-12-29
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    View more 2 comments
  • Andrewinho
    ·2022-12-29
    😱😱😱
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