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As Tesla shares continued to rally for the second day, Cathie Wood-led ARK Investment Management bought 22,514 shares of the EV-maker at an estimated valuation of over $2.74 million.
Shares of Tesla ended 8.08% higher on Thursday. The rally is in continuation to Wednesday’s rebound following Elon Musk’s call to employees asking them not be “bothered by stock market craziness.” In an email sent to staff on Wednesday, Musk had reportedly said he believes Tesla will be the most valuable company on earth in the long term.
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Wood has been buying Tesla for the third straight day now, having purchased over 65,000 shares of the EV-maker this week. Since mid-December, ARK has loaded up on over 254,000 shares of Tesla despite the rout witnessed by the stock following Musk’s engagement with Twitter.
Tesla is the third largest holding of the flagship ARK Innovation ETF ARKK with a weight of 6.26% while it is the fourth largest holding of the ARK Autonomous Tech. & Robotics ETF ARKQ with a weight of 7.21%, according to the latest data available on the company’s website.
Other Buy: ARK also purchased over 158,000 shares of Coinbase Global Inc COIN shares on Thursday at an estimated valuation of over $5.4 million. The purchase was done through the ARK Fintech Innovation ETF ARKF.
Coinbase enables users to trade and hold cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.
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Image and article originally from www.benzinga.com. Read the original article here.