Cathie Wood-led Ark Invest scooped up more shares in Tesla Inc (NASDAQ: TSLA) on Tuesday, a day after the money managing firm resumed buying shares in the Elon Musk-led company. The stock has plunged 37% in a month in the backdrop of production issues in China and the billionaire entrepreneur’s bid to buy Twitter Inc (NYSE: TWTR) for $44 billion.
The popular money managing firm bought 26,081 shares — estimated to be worth $16.38 million— in the Austin, Texas headquartered electric vehicle maker.
Tesla shares closed 6.9% lower at $628.16 on Monday, sinking to their lowest levels since June. The stock has declined over 37% over the past month and over 45% since April 4, when Musk revealed a significant stake in Twitter.
Ark Invest had been booking profits in its Tesla stake since late February before the EV maker was hit by strict COVID-19 curbs in Shanghai, until Monday, when it resumed buying.
Submitted May 25, 2022 at 12:10AM by Kianna_hd https://ift.tt/7oFT9R4
