Cathie Wood’s Ark Invest Increases Stake in Tesla Amid Stock Decline
Ark Invest’s Cathie Wood has made a significant investment in Tesla, adding to her stake in the electric vehicle company as its stock experienced a 3.9% decline. Wood’s flagship ARK Innovation ETF purchased 93,965 shares of Tesla, while her ARK Autonomous Technology & Robotics ETF acquired 17,422 shares. The total value of these purchases amounted to $27.5 million based on Tesla’s closing price of $247.14 on Wednesday.
Although Wood had been reducing her stake in Tesla over the past few months, she has remained confident in the company’s potential. She predicts that Tesla could reach a share price of $2,000 by 2027 due to the growth of robotaxi services. This would give the company a market capitalization of over $5 trillion.
Wood considers Tesla one of her high-conviction investments and highlights its innovative capabilities in artificial intelligence and electric vehicles. Despite the recent decline in stock price, Tesla has seen significant gains this year, more than doubling in value.
Wood’s Investment Strategy
Wood is known for her focus on innovative companies that are transforming various industries. She believes in the long-term potential of disruptive technologies and has been an advocate for Tesla for many years. In addition to Tesla, Wood has also invested in other companies such as UiPath and Block.
Tesla currently holds the second-largest position in Wood’s flagship ARKK fund with a weighting of 7.6%, down from 11.4% in September after recent sales. Coinbase Global is currently the largest position in her portfolio, accounting for 10.9%.
Hot Take: Cathie Wood Doubles Down on Tesla Amid Stock Decline
Cathie Wood’s Ark Invest has increased its stake in Tesla, demonstrating her continued confidence in the company’s potential. Despite a recent decline in the stock price, Wood believes that Tesla could reach $2,000 per share by 2027. She sees Tesla as a leader in artificial intelligence and electric vehicles, positioning it for future growth in the industry. Wood’s investment strategy focuses on innovative companies that are transforming business models. While she has reduced her stake in Tesla over the past few months, Wood remains committed to the company and its long-term prospects.
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