Cathie Wood Buys Another $22M Tesla, SpaceX Stock Amid Elon Musk’s Stark AI Warning
On Monday, July 27, Cathie Wood’s ARK Invest bought over $22.78 million of Tesla and SpaceX stock yet again. The purchase came as Elon Musk flashed a warning that artificial intelligence would be smarter than the human brain’s collective intelligence within five years.
Cathie Wood’s ARK Bets Big On Tesla, SpaceX Stocks
According to ARK’s most recent trade disclosure, ARK Invest bought 27,864 shares of Tesla (TSLA) in two of its actively managed ETFs. The purchases were estimated at approximately $8.62 million, based on the closing price of $309.22.
To breakdown, Cathie Wood’s ARK Innovation ETF (ARKK) emerged as the big buyer with 18,730 shares in Tesla valued at approximately $5.79 million. Meanwhile, the ARK Autonomous Technology & Robotics ETF (ARKQ) also increased stake by approximately $2.82 million with a buy of 9,134 shares.
Additionally, ARK raised its stake in Space Exploration Technologies Corp. (SPCX) by purchasing 124,543 shares. This stash was worth about $14.14 million, according to the closing price of the SPCX stock at $113.50
The biggest SPCX bid was made by ARKK for 78,031 shares valued at almost $8.86 million, per Monday’s report. Cathie Wood-backed ARKQ purchased 25,442 shares worth approximately $2.89 million and ARK Next Generation Internet ETF (ARKW) bought 10,369 shares worth approximately $1.18 million. Moreover,.ARK Space Exploration & Innovation ETF (ARKX) added another 10,701 shares worth about $1.21 million.
In addition to ARK’s holdings in Musk’s companies, ARK also added to its stake in the 3iQ Solana Staking ETF (SOLQ.U). The company bought 4,799 shares valued at approximately $29,850 at the ETF’s last price of $6.22. For context, ARKW raked in 2,759 shares of SOLQ.U while the ARK Fintech Innovation ETF (ARKF) bought 2,040 shares.
Elon Musk Flags Critical AI Warning
Cathie Wood’s purchases came just days after Musk shared his vision for artificial intelligence in an interview with The Economist’s Editor-in-Chief Zanny Minton Beddoes. “I think AI may exceed the sum of human intelligence in roughly five years,” he said
Musk added, “There really won’t be anything that AI can’t do better than humans apart from being human, perhaps.”
The Tesla and SpaceX tech mogul also stated that AI could bring forth “an age of amazing abundance.” Further, he even predicted that money might not even matter 2036 if humans don’t succumb to the perils of powerful AI systems and “killer robots.”
In contrast to his “money” forecast, Musk shared a bullish note on the release of P2P-powered X Money payments this week.
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