Crypto Updates

Not Shy Of Buying The Dip, Cathie Wood’s Ark Mops Up Over $11M Worth Of Shares In Tesla — Sells Nvidia Stock

Veteran Trader Peter Brandt Asks Macro Guru If Bitcoin Bull Has Finally Awoken From Deep Slumber

Cathie Wood-led Ark Invest bolstered its portfolio by purchasing over $11 million worth of Tesla Inc (NASDAQ:TSLA) shares, marking a significant vote of confidence in the electric vehicle giant amidst a fluctuating market. This acquisition comes on the heels of recent developments that saw Ark intensify its investment in Tesla, reflecting Wood’s unwavering belief in the company’s growth trajectory.

The Tesla Trade

The Wood-led firm purchased a total of 62,072 Tesla shares across multiple ETFs including its flagship ARK Innovation ETF (NYSE:ARKK). The transaction was valued at $11.24 million. On Monday, Tesla shares closed 3.65% lower at $181.06.

Ark Invest’s decision to invest heavily in Tesla on Monday aligns with Cathie Wood‘s optimistic outlook on the company, despite recent market uncertainties.

This trade is particularly noteworthy, considering the context provided by recent Benzinga reports highlighting Wood’s reinforced faith in Tesla’s potential, despite a double miss in its Q4 earnings. The investment also comes amid discussions around Tesla’s recovery and a controversial court decision regarding Elon Musk‘s compensation, which Wood has publicly criticized.

See Also: This Is A Beautiful Bullish Chart: Analysts Remain Upbeat As Bitcoin Dips Below $40K

The Nvidia Trade

On the same day, Ark Invest executed another significant transaction by selling over $4.5 million worth of Nvidia Corp (NASDAQ:NVDA) shares. Ark sold the shares via ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), ARK Genomic Revolution ETF (BATS:ARKG) and Ark Fintech Innovation ETF (NYSE:ARKF). Nividia shares ended Monday 4.8% higher at $693.32.

Wood has previously expressed a preference for Tesla over Nvidia as the top AI play for the next five years, a stance supported by her views on the overvaluation of certain tech stocks, including Nvidia. This trade underscores Ark’s agile investment approach, adapting to market changes and future growth prospects.

Other Key Trades:

Sold a significant stake in Shopify Inc (NYSE:SHOP), reducing its exposure to the e-commerce platform.
Increased investments in biotech, notably in Intellia Therapeutics Inc (NASDAQ:NTLA) and Ginkgo Bioworks Holdings Inc (NYSE:DNA), signaling a bullish outlook on the genomics sector.
Continued to diversify its portfolio by…

Click Here to Read the Full Original Article at Cryptocurrencies Feed…