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As shares of Tesla Inc TSLA declined for the fourth consecutive session on Wednesday, Cathie Wood-led ARK Investment Management bought over 39,000 shares of the EV maker at an estimated valuation of over $7 million.
The purchase comes as Tesla shares faced intense selling pressure this week. Shares of Tesla closed over 7% lower on Wednesday after CEO Elon Musk sold 19.5 million shares, estimated to be worth nearly $4 billion, between Nov. 4 and Nov. 8.
The stock had plunged over 5% on Monday and nearly 3% again on Tuesday after a recall of 40,000 vehicles due to issues with electronic power assist steering.
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However, ARK has been a big proponent of EVs. In its weekly newsletter, its analysts said EVs would capture a much higher market share than previously expected.
On Oct. 20, ARK bought over 66,000 shares of Tesla at an estimated valuation of over $13 million. The EV-maker is the second largest holding of the company’s flagship fund, the ARK Innovation ETF ARKK, with a weight of 8.43%.
Other Buys: ARK also bought over 148,000 shares of Zoom Video Communications Inc ZM at an estimated valuation of over $10 million. The company also loaded up on shares of Roblox Corp RBLX and Coinbase Global Inc COIN at an estimated valuation of over $10 million each.
Major Sale: ARK offloaded over 323,000 stocks of chipmaker NVIDIA Corporation NVDA at an estimated valuation of over $44 million. Shares of the company have gained over 18% in the last month.
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Image and article originally from www.benzinga.com. Read the original article here.