Cathie Wood’s recent Tesla stock buys pay off
Famed money manager Cathie Wood is an unabashed admirer of Musk and his goal for a transformation to clean-energy cars from internal combustion engine, or ICE, vehicles.
Earlier this month, she reiterated her $2,000 forecast for Tesla shares (they traded at $166 on April 25). She initiated that goal a year earlier. So, it’s no surprise that Tesla is the biggest holding in Wood’s flagship Ark Innovation ETF (ARKK) .
She regularly buys Tesla stock when it’s falling and picked up a combined 151,982 on April 19 and April 22. That bloc was worth $21.6 million as of the April 22 close, the day before the earnings report.
The stock’s ascent since then has lifted Ark Innovation’s Tesla holding by almost $100 million to $694.9 million as of the April 24 close. That’s quite a killing in only two days.
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