Cathie Wood's ARK adds to Tesla (TSLA) on weakness

Cathie Wood's ARK Investment Management continued to add to the fund's Tesla (NASDAQ: TSLA) position on recent weakness in the EV maker. ARK bought another 19,125 Tesla shares on Tuesday through the ARKK ETF. The purchase was valued at approximately $2.64 million based on Tuesday's closing price.

On Monday, the fund bought 27,494 shares through the ARKQ ETF, valued at approximately $3.8 million. ARK has also made similar buys in recent weeks.

Shares of Tesla are down 61% year-to-date on recession worries and CEO Elon Musk's personal drama around his buyout of Twitter. Musk has sold billions of Tesla stock to support the Twitter deal and has pledged Tesla shares as collateral on some loans related to the buyout.

Over the weekend, Musk ran a Twitter poll asking users if he should step down from running Twitter. An overwhelming majority voted "yes." Musk said he will abide by the poll results but finding a CEO for Twitter could take some time. "I will resign as CEO as soon as I find someone foolish enough to take the job!," Musk tweeted. "After that, I will just run the software & servers teams."

As far as the stock weakness, Musk blames rising interest rates for putting pressure on stocks, including Tesla's, as investors now have a "guaranteed" return alternative to stocks.

By StreetInsider.com Staff

You May Also Be Interested In

• Active options: TSLA NVDA AAPL SPCX MSTR PLTR MU AMZN HOOD MRNA SOFI
• The Biggest Winners Don't Compete in a Category. They Rewrite It. One Company Is Betting It Can Too.
• Analyst explains why you should buy the dip in this U.S. retail stock