“Wall Street Star” bought Tesla shares amid the collapse of the cryptocurrency market
Two Cathie Wood, Wall Street Star ETF funds bought more than 47,000 Tesla shares for $27 million, according to a press release from the company.
As Bloomberg notes, Ilon Musk’s company now leads the Ark Innovation ETF by weight with a 10% stake.
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Tesla stock has come under pressure due to the collapse of bitcoin, which Tesla holds on its balance sheet.
Ark Investment last bought Tesla securities in April.
Ark Invest also bought $38.4 million worth of Coinbase cryptocurrency exchange securities on Monday and $52.2 million on Tuesday. The exchange’s stock had plunged 12.97% before that.
Wall Street Star maintains her prediction of bitcoin rising to $500,000 per “coin.” Earlier, Wood named two trends that will come after the frenzy around electric cars.
Katie Wood has been called a “Wall Street superstar.” In 2014, she founded her own company, ARK Invest. In 2017, it took off – assets grew tenfold. In 2018, Katie was named to the Bloomberg 50 list of people in business, entertainment, finance, politics, technology and science who have defined global business. ARK Invest manages five ETFs, all focused on breakthrough innovation.
ARK investments include Netflix, Salesforce, Illumina, Square, Athenahealth, Tesla, Teladoc, Zoom, Palantir, Roku, Zillow and Shopify. In February 2021, the ARK Innovation ETF fund was up 213.7% for the year; ARK Next Generation Internet was up 220.7%. Wood is active on social media, popular with the Reddit investor community, participates in podcasts, and all financial media are interested in her bold predictions.
On May 19, Chinese regulators banned financial institutions and payment companies from servicing cryptocurrency transactions, triggering a market crash.
The day before, bitcoin plummeted by a third to $30,000, later recovering some of its losses, thanks in part to a tweet by Elon Musk. As of 10:15 a.m. Thursday, it was trading just above $40,000.
Tesla’s stock price was $563.46 at the close of trading Wednesday, its lowest since March 8. The company’s market value has fallen by $300 billion since late January.
