(Bloomberg) — Cathie Wood bought Tesla Inc. shares as they fell the most in four months after the electric carmaker’s third-quarter deliveries missed expectations.
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Funds backed by Wood’s Ark Investment Management LLC bought 132,213 shares of Elon Musk’s company on Monday, marking the company’s first purchase of Tesla since mid-June, according to data compiled by Bloomberg.
Tesla fell 8.6% on Monday, the most since June 3, as shipping problems and chip shortages weighed on deliveries. It was also the worst performance for the S&P 500 index, which hit its best day since July 27. Shares rose 3% in premarket trading on Tuesday, but are still down 31% this year, underperforming the U.S. benchmark.
This is Wood’s second purchase of Tesla in 2022 after a year of selling his stake. The first was in June, days after Tesla lost its crown jewel status at its main fund, a position it had held for about four and a half years.
The latest purchases add to the evidence that Cathie Wood is once again on a shopping spree.
Bloomberg data show that Ark had sold Tesla shares for at least five straight quarters as of the end of June.
Monday’s purchases were made by Ark Innovation ETF and Ark Next Generation Internet ETF.
Ark’s flagship ETF has plunged 60% in 2022 as historic Federal Reserve tightening and a global recession fear growth stocks will sink.
(Updates with pre-market Tesla stock prices in second paragraph)
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