Cathie Wood Loads Up On Tesla and Block Stock

Cathie Wood's ARK Buys Tesla and Block Stocks

March 15, 2023 By: Ramsha Naushad

Cathie Wood-led ARK Investment Management bought more shares of Tesla Inc. after last week's purchase, and some Block's shares too.

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Ark funds purchased - 2560 shares of electrical car titan Tesla and - 25,783 shares of payment company Block.

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Shares of Tesla have lost over 8% in the last five days in line with the broader markets as fears of a potential contagion in the banking industry have rattled investor sentiment.

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Jack Dorsey’s payments company Block announced earlier this year that it is building an open Bitcoin mining system.

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Buying shares is proceeded by Cathie Wood's support for decentralized finance and the resilience of Bitcoin and Ethereum amid bank collapses.

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Cathie has criticized traditional banking systems and said the crisis was looming all over in plain sight with asset and liability duration mismatches.

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She said: "While the US banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks didn’t skip a beat."

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