01-01-1970 12:00 AM | Source: Reuters
Ark Invest adds $124 million worth Tesla shares
LONDON - Cathie Wood's Ark Invest funds added a further $124 million stake in Tesla on Tuesday as the shares closed below $700 for the first time in 2021, according to the fund's website.
The high-flying $26.6 billion ARK Innovation ETF, one of the best performing exchange traded funds in 2020, fell sharply this week along with Tesla, which makes up about 10% of the fund, as momentum stocks pulled back sharply.
The fund has large positions in so-called momentum stocks, which tend to attract investors based on thematic trends rather than fundamentals or valuation.
Latest News
How volatility hit the Indian markets in last three ...
Perspective On IIP Data By Mr. Nish Bhatt, Founder &...
Bajaj Allianz Life`s sustainable & profitable growth...
Muthoottu Mini Announces Strategic Expansion with Ne...
EVs, green hydrogen to propel India`s journey toward...
Quote on Malabar Gold and Diamonds saw an increase i...
Market outlook for next week, key events to watch
Hyundai Motor beats Volkswagen in Q1 operating profit
Astro Zindagi: Weekly Horoscope
Over $320 mn raised by 24 Indian startups this week