Cathie Wood-led ARK Investment Management bought 69,329 shares of $Tesla (TSLA.US)$ on Wednesday at an estimated valuation of over $12.6 million based on Wednesday's closing price.
The purchase was done via the flagship $ARK Innovation ETF (ARKK.US)$ and the $ARK Next Generation Internet ETF (ARKW.US)$.
Shares of Tesla closed 3.04% lower on Wednesday and are down over 12% in the last month as the February rout took a toll on markets. On a year-to-date basis, however, the stock is still up over 68%. Wood has been consistently buying Tesla shares all through December and January as the stock fell to levels close to $108.
In a recent newsletter, ARK researchers indicated that Tesla's vertical integration seems to have given the company an edge that may take its less-integrated competitors years—if ever—to replicate.
The National Highway Traffic Safety Administration said on Wednesday it is initiating a preliminary investigation into 120,000 Tesla Model Y vehicles following two reports of steering wheels falling off while driving, according to a Reuters report.
The auto safety regulator said the steering wheels in both 2023 model year vehicles, which had a low mileage, completely detached, according to the report which added the vehicles were delivered to owners without the retaining bolt that attaches the steering wheel to the steering column.
Other Buy: ARK also bought over 268,000 shares of financial services company $Robinhood (HOOD.US)$ at an estimated valuation of over $2.5 million based on Wednesday's closing price.