Tesla, Inc. (NASDAQ:TSLA) shares tumbled over 12% on Thursday after the company reported fourth-quarter earnings and revenue that trailed expectations and warned of a significant decline in volume growth in 2024. Notwithstanding the downward spiral in the stock, one bullish investor doubled down on her Tesla bet.
ARKK, the flagship ETF of Ark, added 148,246 Tesla shares and ARKW boosted its Tesla holdings by 29,624. Together, Ark bought 177,870 shares of Tesla Thursday, valued at $32.48 million.
The electric-vehicle giant’s stock makes up roughly 7.77% of the portfolio weighting of ARKK and they are the second-biggest holding of the ETF. In ARKW, Tesla accounts for 5.10% of the weighting and is the sixth biggest holding.
At the end of 2023, Ark’s stake in Tesla was at 3,802,519, valued at $944.85 million.