24/7 Cryptocurrency News

Cathie Wood’s Ark Invest Buys $18 Mln Tesla (TSLA) Shares Amid Bad Earnings

Ark Invest bought Tesla (TSLA) shares with the largest transaction worth roughly $18.05 million right before the earnings.
Published by
Cathie Wood’s Ark Invest Buys $18 Mln Tesla (TSLA) Shares Amid Bad Earnings

Highlights

  • In an elaborate trade on Monday, Ark Invest bought Tesla shares with the largest transaction being of 122,752 Tesla (TSLA) shares.
  • This significant purchase in the market leader in electric vehicles is in line with ARK's strategy
  • Tesla missed analyst projections when it revealed its first-quarter sales dip of 9% on Tuesday, the most since 2012.

Cathie Wood’s Ark Invest jumped the bandwagon of buying the dip. In an elaborate trade on Monday, the investing firm bought Tesla shares with the largest transaction being of 122,752 Tesla (TSLA) shares, worth roughly $18.05 million. The purchase was spread among three ARK funds—ARKK, ARKQ, and ARKW.

Advertisement

Ark Invest Buys Tesla Shares (TSLA)

This significant purchase in the market leader in electric vehicles is in line with ARK’s strategy; during the past several days, the company has been collecting Tesla stock, indicating a strong belief in the company’s potential for future growth.

Previously Ark bought Elon Musk’s Tesla (TSLA)shares when they had fallen over 10% due to disagreements with OpenAI, the proceeds were utilized to further enhance interest in the company. ARKQ acquired 5.684 TSLA shares, ARKK acquired 61,073 shares, and ARKW acquired 13,199 shares at that time.

Read Also: US Charities See Boom in Crypto Donation, Raise $2B

Advertisement

Tesla (TSLA) Misses Analyst Estimates for Earnings

Tesla missed analyst projections when it revealed its first-quarter sales dip of 9% on Tuesday, the most since 2012. According to CNBC, the electric vehicle maker is still dealing with the fallout from continuous price reductions. Revenue fell from $25.17 billion in the fourth quarter to $23.33 billion a year earlier. From $2.51 billion, or 73 cents per share, a year earlier, to $1.13 billion, or 34 cents per share, net income fell by 55%.

The company’s previous revenue decline in 2020 was caused by production disruptions during the COVID-19 pandemic, but this time the decline was far more severe. In the first three months of 2024, Tesla’s automotive revenue fell 13% year over year to $17.38 billion.

Tesla (TSLA) reaffirmed its negative forecast for 2024 in its shareholder deck, warning investors that the “volume growth rate may be notably lower than the growth rate achieved in 2023.”

Due to worries about the company’s continuous price reductions, lackluster deliveries, and competition in China, Tesla’s shares have fallen more than 40% this year. Tesla said earlier this month that first-quarter vehicle deliveries were down 8.5% compared to the same period last year.

Read Also: Will Bitcoin Halving Reignite Institutional Investors’ Inflows?

Share
Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Bullish (BLSH) Stock Jumps 83% On NYSE Listing, Cathie Wood Buys 2.5 Million Shares

Peter Thiel-backed crypto exchange Bullish (NYSE: BLSH) made a blockbuster debut on Wall Street on…

August 14, 2025
  • 24/7 Cryptocurrency News

HOOD Stock Jumps As Robinhood’s Q2 Revenue Beats Estimates

Robinhood stock surged sharply after the company posted better-than-expected second-quarter results. The increase was fueled…

July 31, 2025

Coinbase (COIN) Stock Hits New All-Time High Ahead of Crypto Bill Signing

The COIN stock has just hit a new all-time high (ATH), surpassing its highest level…

July 18, 2025
  • 24/7 Cryptocurrency News

MSTR Stock Surges 8% As Strategy Set To Post $14B Q2 Gain

Strategy, listed on NASDAQ as MSTR stock, holds over 528,000 Bitcoin (BTC). At the end…

July 3, 2025
  • 24/7 Cryptocurrency News

Benchmark Sets Metaplanet Stock Target to 2400 JPY on Bitcoin Acquisition, Buy the Dips?

Although the Metaplanet stock price is facing strong selling pressure, Benchmark Equity Research has initiated…

July 1, 2025
  • 24/7 Cryptocurrency News

What’s Behind Coinbase Stock 22% Price Surge To All-Time High This Week?

Coinbase stock surged over 22% this week, reaching a new all-time high of $380 on…

June 27, 2025