Cathie Wood’s ARK Invest purchased 160,151 shares of Tesla on Thursday. The transaction is valued at approximately $51.2 million. The firm executed the trade through four exchange-traded funds, including the flagship ARK Innovation ETF (ARKK).
The purchase followed a nearly 15% decline in Tesla's stock price. The sell-off occurred after Tesla missed adjusted earnings expectations for the second quarter. Financial results highlighted concerns regarding shrinking margins and increased corporate spending.