Cathie Wood just loaded up on shares of Tesla Inc (NASDAQ: TSLA) even though they’ve already gained close to 30% since late October.
How many shares of Tesla did Wood buy?
The influential investor spent $27.5 million on Wednesday to boost her stake in Tesla.
She bought a 111,387 shares of the electric vehicles behemoth in total split between her flagship ARK Innovation ETF and the ARK Autonomous Technology & Robotics ETF.
That’s a significant change of pace for the founder of Ark Invest who’s been trimming her position in the Nasdaq-listed firm to load up on the likes of UiPath and Block in recent months.
The news arrives only days after Tesla Inc recalled nearly all of its vehicles sold in the United States since October 2012 to fix an Autopilot-related system.
TESLA RECALL: Tesla is recalling more than 2 million vehicles – nearly every electric vehicle sold by the company in the U.S. – to fix a defective system that’s supposed to ensure drivers are paying attention when they use Autopilot. pic.twitter.com/Za5JbWfrUg
— CBS Evening News (@CBSEveningNews) December 14, 2023
Cathie Wood is super bullish on Tesla stock
It is worth mentioning here that Cathie Wood is one of the biggest Tesla bulls.
Earlier this year, she said the multinational’s commitment to robo-taxis and an accelerated shift to electric vehicles will see its shares hit $2,000 by 2027 – which would essentially mean a market cap of more than $5.0 trillion (find out more).
Wood has immense confidence in the artificial intelligence capabilities of the Austin-headquartered firm as well. She sees the EV giant as the “biggest AI opportunity in the world”.
Tesla Inc is currently the second-biggest holding in Ark Innovation Fund. Top spot in that ETF rests with Coinbase Global Inc at 10.9% at writing.
Watch here: https://www.youtube.com/embed/qwEOj0n32BI?feature=oembed
The post Cathie Wood loads up on shares of Tesla Inc again appeared first on Invezz
Read the full article here