Cathie Wood Bolsters Her Position in Elon Musk’s Tesla By Buying Nearly 70K Shares

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Cathie Wood Bolsters Her Position in Elon Musk’s Tesla By Buying Nearly 70K Shares

Seeking Alpha2023-03-09

Cathie Wood's Ark Invest added nearly 70K shares of Elon Musk's Tesla (TSLA) to the firm's holdings, buying the stock for two of its innovation-focused exchange traded funds.In total, Wood and her ...

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yobobs
·2023-03-09
good move
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MIe
·2023-03-09
Wood see opportunity to buy tesla dip for upside
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The purchases were made by the Ark Innovation ETF (NYSEARCA: ARKK) and the ARK Next Generation Internet ETF (NYSEARCA: ARKW). ARKK added 51,960 shares, while ARKW purchased 17,369 shares.ARKK now holds $726.5M in the market value of TSLA while ARKW holds $81.85M. Additionally, ARKK has Tesla listed as the fund’s heaviest weighted position at 9.96%. At the same time, ARKW lists Tesla as its fourth most significant position with a 6.57% weighting.Year-to-date price action: TSLA+68.3%, ARKK+27.7%, and ARKW+34.9%.Wood’s ARKK which has the largest stake in TSLA compared to any other of her actively managed funds has a strong correlation to the price movements of the electric car manufacturer. 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