Cathie Wood-led Ark Investment Management added more Tesla Inc (NASDAQ: TSLA) stock to its portfolio on Tuesday, raising its exposure to the electric vehicle maker for the fourth time this month.
Ark Invest bought 1,721 shares, estimated to be worth $1.3 million, in Tesla on Tuesday.
Shares of the Elon Musk-led company closed 0.18% higher at $758.3 on Tuesday, but are down 36.8% so far this year.
Tesla shares have been under intense pressure ever since China introduced extensive three-week lockdowns last month, including production halts at Giga Shanghai.
Shanghai is reportedly lifting its strict lockdown from Wednesday, as the number of COVID-19 infections across China dropped.
St. Petersburg, Florida-based Ark Invest owns shares in Tesla through three of its six actively traded exchange funds: Ark Innovation ETF (NYSE: ARKK), Ark Autonomous Technology & Robotics ETF (NYSE: ARKQ), and Ark Next Generation Internet ETF (NYSE: ARKW).
The three ETFs held 1.33 million shares worth $1.01 billion in Tesla before Tuesday’s trade.
The value of Tesla holdings that Ark owns has shrunk nearly half since the beginning of the year.
Musk is currently also involved in a $44 million hostile take-private deal of Twitter Inc (NYSE: TWTR).
Here are some other key Ark Invest trades from Tuesday:
