After a year of selling down her Tesla Inc. stake, Cathie Wood is back buying shares in the electric carmaker.
Wood’s Ark Investment Management LLC has acquired more than 55,000 shares in Elon Musk’s company since May 23, according to Ark funds’ trading data compiled by Bloomberg.
The purchases come after Tesla fell almost 50% from November’s all-time high, prior to a recent rally. They also mark a reversal by Ark, which had sold the stock for at least four quarters in a row, reducing its stake to 1.59 million shares as of the end of March, from 5.79 million a year earlier.
Wood’s current bout of buying started days after Tesla lost its crown jewel status in her main fund for the first time in about four-and-a-half years.
The purchases were made by the flagship Ark Innovation ETF, Ark Autonomous Technology and Robotics ETF and Ark Next Generation Internet ETF.
Ark Investment has been facing a steep drawdown in assets due to a weak performance. While all nine Ark ETFs have posted double-digit losses in 2022, dragged down by declines in richly valued technology shares, the lineup was still clinging to net inflows of $167 million as of June 7.
This article was provided by Bloomberg News.