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DailyBubble News

Cathie Wood To Tesla’s Rescue? Ark Invest Scoops Up $35M Of EV Giant’s Sliding Stock

Tesla, Inc. (NASDAQ:TSLA) has seen a decline in its shares this year due to concerns about potentially missing first-quarter delivery targets. Despite this, Cathie Wood’s Ark Investment Management bought Tesla shares on Thursday.

Ark purchased a total of 216,682 Tesla shares across three of its actively managed exchange-traded funds. The purchase was valued at $35.21 million based on Tesla’s closing price. Tesla has been facing challenges like the overall electric vehicle market slowdown, rising interest rates, and strategic concerns.

Analysts are lowering their delivery estimates for Tesla in the first quarter, and some investors are taking a bearish stance on the stock. However, Cathie Wood remains bullish on Tesla, maintaining a largely positive outlook on its long-term potential. Other analysts also remain optimistic about Tesla’s future performance.

Tesla closed Thursday’s session down 4.12%, marking its lowest closing price since May 4, 2023. ARKK also lost 3.22% on Thursday.

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