Tesla’s shares had recently fallen to their lowest point in over two years, but began to recover by the middle of the week. Despite the volatility of the stock, Cathie Wood’s investment firm, Ark Invest, continued to purchase Tesla (NASDAQ: TSLA) shares. On Friday, the Ark Innovation ETF, Ark Invest’s main exchange-traded fund, acquired 221,748 Tesla shares valued at $21.32 million, using Friday’s closing price of $123.18 as a reference. Ark Invest made purchases of Tesla shares during all of the sessions held this week.
Recent Purchases by ARKK
- Thursday – ARKK added 22,514 Tesla shares – valued at $2.74 million.
- Wednesday – ARKK bought 17,960 shares – valued at $2.02 million.
- Tuesday – ARKK added 25,147 shares of Tesla – valued at $2.74 million.
During the holiday-shortened week ending on December 30, Ark Invest’s cumulative purchases of Tesla totaled $28.82 million through its Ark Innovation ETF. In the preceding week, the investment firm had purchased $10.6 million worth of Tesla shares.
Despite Tesla CEO Elon Musk’s optimism about the long-term value of the company’s stock, analysts predict that the company’s fundamental struggles will continue due to demand issues in China and Musk’s tendency to focus on Twitter rather than business operations. The near-term outlook for Tesla will become clearer when the company releases its fourth quarter delivery report early next week. Musk has urged employees and Twitter followers to not pay attention to the “stock market craziness.”