Tesla Inc. shares climbed on Wednesday, after Cathie Wood-led ARK Investment Management purchased another 25,000 shares of the EV maker at an estimated valuation of over $2 million.
Since mid-December, Wood’s funds have loaded up over 232,000 shares of Tesla. The company’s shares comprise the fifth largest holding of ARK’s flagship fund, the ARK Innovation ETF with a weight of 6% and has the same rank in the ARK Autonomous Tech. & Robotics ETF with a weight of 6.98%.
On Wednesday, Elon Musk reportedly told employees they should not be bothered by stock market “craziness" amidst the company’s shares plunging nearly -70% this year. According to Reuters, Musk indicated in an email sent to Tesla employees on Wednesday that he believes that Tesla will be the most valuable company on earth in the long term.
Tesla shares have fallen -44% so far this month, losing more than $270 billion in market value.