## Cathie Wood's Ark Invest Continues Buying Tesla Shares Despite Recent Losses
Cathie Wood's Ark Invest, known for its bullish stance on disruptive technologies, continued its buying spree of Tesla shares on Wednesday, despite the electric vehicle maker's stock facing its fourth consecutive session of losses.
Through its various ETFs, including ARK Innovation ETF (ARKK), ARK Autonomous Technology & Robotics ETF (ARKQ), and ARK Next Generation Internet ETF (ARKW), Ark Invest purchased a total of 66,504 shares of Tesla, valued at approximately $10.34 million based on the closing price of $155.45. Notably, this was Ark Invest's only trade on Wednesday.
This move comes amidst concerns over Tesla's potentially disappointing quarter and rumors of a shift in its product pipeline plans. However, Ark Invest's decision to buy Tesla shares aligns with its long-term bullish stance on the company. On Tuesday, Wood-led Ark had already purchased $3.3 million worth of Tesla shares.
The current tranche of share purchases happened after Tesla CEO Elon Musk announced the removal of inventory discounts on its cars in the U.S., citing the need to simplify the company's complex sales system. Additionally, Musk's upcoming visit to India, where he is expected to announce investments between $2 billion to $3 billion, adds to the excitement surrounding the company's future.