Cathie Wood-led Ark Invest Investment Management added more Tesla Inc (NASDAQ: TSLA) shares to its portfolio on Monday, raising its exposure to the electric vehicle maker for the fifth time this month.
Ark Invest bought 2,800 shares, estimated to be worth $1.81 million, in Tesla on Monday.
Shares of the Elon Musk-led company closed 7.1% lower at $647.2 on Monday, and are down 46% this year, according to data from Benzinga Pro.
St. Petersburg, Florida-based Ark began buying shares in Tesla late last month when they plunged due to production issues in China and uncertainty over Musk’s $44 billion Twitter Inc (NYSE: TWTR) take-private bid.
The popular investment firm scooped up 45,003 shares in Tesla last month and has bought 18,383 shares in June so far.
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U.S. equities fell on Monday, with the benchmark S&P index clocking its fourth straight day of losses amid fears of another round of Fed rate hikes and recession following hotter-than-expected inflation data.
The S&P index is now down over 21.8% year-to-date, confirming a bear market.
Tesla shares have also been under intense pressure since China introduced extensive COVID-19 lockdowns late in March, forcing production halts at Giga Shanghai.
Austin, Texas-based Tesla last week also proposed a 3-for-1 stock split to triple the number of shares to 6 billion. Musk also warned of 10% job cuts at Tesla, but added that “hourly headcount will increase.”
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 1.3 million shares worth $910 million in Tesla before Monday’s trade.
