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Ark adds $171 million Tesla shares as short bets on ETF soar - Netscape Money & Business


Ark adds $171 million Tesla shares as short bets on ETF soar
By Thyagaraju Adinarayan
Reuters
LONDON (Reuters) - Cathie Wood s Ark Invest funds bought a further $171 million of Tesla shares on Tuesday, the fund group said on Wednesday, after the electric carmaker s stock fell sharply and closed below $700 for the first time this year.
The $26.6 billion ARK Innovation exchange-traded fund (ETF), one of the best-performaing ETF s in 2020, fell sharply this week along with Tesla as momentum stocks pulled back sharply. Tesla shares account for about 10% of the fund.
The sell-off triggered heavy trading, with $5 billion of ARK Innovation shares changing hands on Tuesday - more than double the previous session s volume. The fund traded slightly higher on Wednesday but has lost 9% this week. ....

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