As Tesla shares continued to rally for the second day, Cathy Wood-directed ARK Investment Management bought 22,514 shares of the electric vehicle maker at an estimated valuation of more than $2.74 million.
What happened: Tesla shares ended up 8.08% on Thursday. The rally is a continuation of Wednesday’s rebound after by Elon Musk appeal to employees asking them not to be “bored by the madness of the stock market”. In an email sent to staff on Wednesday, Musk reportedly said he believed Tesla would be the world’s most valuable company in the long run.
Also read: How to invest in startups
Wood has bought Tesla for the third day in a row now, having bought more than 65,000 shares of the electric vehicle maker this week. Since mid-December, ARK has loaded more than 254,000 shares of Tesla despite the rout the stock witnessed following Musk’s engagement with Twitter.
Tesla is the flagship’s third-largest holding company ARK Innovation ETF ARKK with a weight of 6.26% despite being the fourth largest holding in the ARK standalone technology. & Robotics ETF ARKQ with a weight of 7.21%, according to the latest data available on the company’s website.
Other Buy: ARK has also purchased over 158,000 shares of Coinbase Global Inc. PIECE OF MONEY shares on Thursday at an estimated valuation of more than $5.4 million. The purchase was made through the ARK Fintech Innovation ETF ARKF.
Coinbase allows users to trade and hold cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.
Read next: Tesla, Apple, Ford, Southwest Airlines, Hoth Therapeutics: Why are these five stocks grabbing investors’ attention today?
