Ark Invest purchased additional shares of Tesla, Meta, and SpaceX as the stocks fell 7% to 18% last week.
Ark Invest, led by Cathie Wood, increased its holdings in Tesla (TSLA), Meta Platforms (META), and Space Exploration Technologies (SPCX) during a week of sharp declines. The stocks dropped between 7% and 18% following Tesla’s disappointing financial results.
Tesla’s revenue rose 26% to $28.2 billion in the second quarter, aligning with delivery growth but missing bottom-line expectations. The company’s stock has fallen 37% from its peak seven months ago and is nearing its 52-week low. Heavy promotional activity impacted profitability.
The purchases reflect Ark’s strategy of buying during volatility, despite broader market downturns in the tech and growth sectors.