Tesla's stock price fell 2.25% to close at $175.79 on Thursday after several Wall Street investment banks lowered the company's target share price.
However, Cathy Wood, founder of Ark Investment Management Company, insisted on a long-term bullish attitude towards Tesla. Her funds bought a total of 7,9951 Tesla shares on the same day, worth about 14 million US dollars.
This move continues Ark's trend of increasing its bets on Tesla. Just earlier this week, as Tesla's stock price rebounded and outperformed the market, Ark bought $28.21 million worth of Tesla stock.
Ark Investments' analyst Tasha Keeney (Tasha Keeney) estimates that the financial impact of artificial intelligence has an opportunity of $28 trillion, particularly Tesla and drone technology. She expects the market value of innovation-related stocks to rise to $220 trillion by the end of this decade, focusing on disruptive technologies such as Tesla's advances in autonomous vehicles.
Wood's fund also sold 15,693 Coinbase shares worth around $4.16 million on Thursday. The stock closed up 3.28% at $265.12.