Cathie Wood's Ark Invest Wednesday bought 111,387 Tesla (TSLA) -) shares, valued at roughly $27.5 million.
The purchase was spread across Ark's Next Generation Internet ETF (ARKW) -) in addition to its flagship Innovation ETF (ARKK) -), which alone bought 93,965 shares.
This marks the first time in months that Ark Invest has moved to increase its Tesla holding; between June and November, Ark Innovation sold roughly one million shares of Tesla.
Related: Cathie Wood explains why she cut Ark's Tesla holding
Wood in November defended the Tesla cuts, saying that whenever one of Ark's holdings is up relative to its other names, the firm will trim and redeploy into other companies.
"It was up about 150% relative to our other names, many of which had not moved," Wood said. "We will always recycle that way."
Wood at the same time expressed some concern over the cautious tone that CEO Elon Musk sounded during Tesla's third-quarter-earnings call.
ARKK's Tesla holding is No. 2 in portfolio
Ark Innovation's Tesla holding, now the second-largest name in the portfolio, is made up of 2.8 million shares, valued at $698.4 million and weighted at 7.9% of the fund. The fund's Tesla holding in June was made up of roughly 3.5 million shares, weighted at more than 12%.
The Innovation ETF is currently dominated by a roughly $1 billion holding in Coinbase (COIN) -), which makes up 10.89% of the fund.
Shares of Tesla, which have doubled this year, tumbled around 4% Wednesday to close at $247.14. The stock then pushed up close to 2% in after-hours trading.
The move comes in the wake of an over-the-air software recall, where auto safety regulators found that Tesla's Autopilot driver-assistance software was ripe for misuse.
It also comes amid mounting union pressure abroad, something that some analysts have said could prompt pressure from the United Auto Workers union in the U.S.
Wood said in a Dec. 19 post that she would be joining Musk on an X Spaces "later this week" to discuss "everything from AI to space and beyond."
Wood says Tesla will be trading at $2,000 a share by 2027, a valuation reliant on Tesla's yet-to-be-seen success with autonomous driving.
Ark Invest has also invested in Musk's SpaceX; the firm last month released a thesis for the space-technology company, which highlighted the expected value of Starship and Starlink.
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