Cathie Wood-led ARK Investment Management bought 27,811 shares of $Tesla (TSLA.US)$ on Monday at an estimated valuation of over $3 million based on the day's closing price.
The purchase was done through the $ARK Innovation ETF (ARKK.US)$ and the $ARK Autonomous Technology & Robotics ETF (ARKQ.US)$.
Shares of Tesla closed 5.93% higher on Monday. CEO Elon Musk's attorneys on Saturday requested a California court to shift a trial over the company stock to Texas, citing local negativity, according to CNBC. In another development, the National Highway Traffic Safety Administration (NHTSA) on Monday said it was in touch with Tesla in regard to a tweet that Musk wrote about a driver monitoring function, reported Reuters.
Despite the significant volatility seen by the stock, Wood has continued with her bullish stance on Tesla. In the five trading days of 2023 so far, ARK has bought over 283,000 shares of the EV maker. Its cumulative purchases since mid-December amount to over 759,000 shares.
Major Sale: Tesla has extended its streak of price cuts into the new year sending down stocks of Chinese EV-makers. Shares of $XPeng (XPEV.US)$ have lost 6.77% in the last five days.
ARK sold 111,173 shares of Xpeng on Monday at an estimated valuation of over $1 million. Xpeng is the 31st largest holding in the fund's portfolio according to data available on the fund's website at the time of writing. ARK had also offloaded over 169,000 shares of the EV-maker on Friday.