Cathie Wood Keeps Buying Tesla Shares: Here's How Much Ark Invest Paid For Week's Purchases

Tesla, Inc. (NASDAQ: TSLA) shares pulled back by over 8% this week amid demand and margin worries. Undeterred by the sell-off continuing into the new year, Cathie Wood’s Ark Invest continued to bulk up on the stock.

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What Happened: Ark Invest’s flagship Ark Innovation ETF (NYSE: ARKK) and Ark Autonomous Technology & Robotics ETF (BATS: ARKQ) added 24,506 and 33,538 shares, respectively of Tesla shares on Friday. Ark’s cumulative purchase of Tesla totaled 58,044 shares, valued at $6.56 million.

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The Wood-run firm bought Tesla shares in three of the four sessions of the truncated week. Ark’s Tesla purchases this week totaled 255,206 shares worth $27.99 million.

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Must Read: A Cathie Wood, CEO da Ark Invest, continua a comprar ações da Tesla. A Ark Invest comprou mais de 1,3 milhão de ações da Tesla na semana passada, o que representa um aumento de quase 10% na sua participação na companhia. A Ark Invest agora detém mais de 13,9 milhões de ações da Tesla, o que representa um investimento de mais de US $ 5,6 bilhões na companhia. A Ark Invest é um dos maiores acionistas da Tesla.

On Wednesday, ARKK and ARKQ together added 21,050 shares, valued at $2.39 million. On Tuesday, both exchange-traded funds bought a cumulative 176,112 shares of Tesla, valued at $19.04 billion.

The fund has been on a Tesla buying spree in recent weeks amid the stock plunge. In the week ended Dec. 30, it picked up $28.82 million worth of shares and in the week ended Dec. 23, it added $10.6 million worth of shares.

Tesla’s shares plunged to a fresh low at the start of the new year, pressured by fourth-quarter deliveries missing expectations. On Friday, the company announced price cuts ranging from 5.7%-13.5% in China, which reignited concerns regarding a demand slowdown in its key market.

See also: Everything You Need To Know About Tesla Stock

Ark’s Other Trades: Among Ark’s other notable trades on Friday included the sale of 31,758 shares of Nvidia Corp. (NASDAQ: NVDA), worth $4.72 million.

The firm’s ARKQ also sold 169,472 shares of Chinese electric vehicle startup XPeng, Inc. (NYSE: XPEV), valued at $1.71 million. XPeng’s fundamentals have suffered recently amid the COVID-19 resurgence in China. It has underperformed its domestic peers Nio, Inc. (NYSE: NIO) and Li Auto, Inc. (NASDAQ: LI), both fundamentally and in terms of stock performance.

Tesla’s China price cuts announced on Friday are expected to have a bigger impact on XPeng, as the former’s reduced prices will likely take away market share from the latter. A majority of XPeng’s sales come from the low-end price point, at which it will now have competition from Tesla.

ARKK closed Friday’s session up 1.13% to $31.37, according to Benzinga Pro data. Tesla recouped early losses and ended the session 2.47% higher at $113.06.

Read next: Tesla’s China Price Cuts Spark Stock Plunge Over Margin Worries — But Analysts Say It’s Actually A ‘Smart Move’

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