Cathy Wood adds $12 million to Tesla stock, Robinhood raises stake

Cathy Wood-led ark investment management bought 69,329 shares of Tesla Inc TSLA on Wednesday at an estimated valuation of more than $12.6 million based on Wednesday’s closing price.

The purchase was made through Flagship ARK Innovations ETF ARKK And this ARK Next Generation Internet ETF ARKW,

Read also: How to Buy Arch Innovations (ARKK) ETF

Tesla shares closed 3.04% lower on Wednesday and are down more than 12% in the past month as the February move rattled the markets. However, on a year-to-date basis, the stock is still up more than 68%. Wood has been steadily buying Tesla shares through December and January as the stock plummeted to levels near $108.

In a recent paper, researchers at ARK indicated that Tesla’s vertical integration has given the company an edge that could take its less-integrated competitors years—if ever—to replicate.

National Highway Traffic Safety Administration Said On Wednesday it is starting preliminary testing of 120,000 Tesla model y The vehicle after two reports of the steering wheel falling off while driving, according to a Reuters report.

The auto safety regulator said the steering wheel in both 2023 model year vehicles, which had low mileage, came apart completely, after reports the vehicles were delivered to owners without the retaining bolt that connects the steering wheel to the steering column. Is.

Buy other: ARK also bought over 268,000 shares of the financial services company Robinhood Markets Inc hood At an estimated valuation of more than $2.5 million based on Wednesday’s closing price.

Read further: 25% billionaire tax, end break for big oil, crypto: what Biden is reportedly mulling over budget proposal

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