Ark Invest founder Cathie Wood has bought 445,000 shares of Tesla since 3 October as she continues to show faith in the electric vehicle maker.
Shares were up 1% today following chief executive Elon Musk’s announcement of plans to step down as Twitter CEO, a distraction that has seen him take his eye off the ball at Tesla according to many.
Shares in Tesla are still down 55% this year due to increased competition in the electric vehicle market, reduced consumer demand and inflation.
Musk, too, has been shedding his stake to fund the US$44bn cost of buying Twitter.
ARK Innovation is now valued at US$32, down 66% for the year, with 2017 the last time the price was this low.
The fund holds US$437mln worth of Tesla stocks making up 6.9% of the portfolio, its largest weighting behind only Zoom and Exact Sciences (NASDAQ:EXAS).
Wood has come under heavy criticism recently following bets not only on Tesla but on Robinhood and Coinbase that have fallen flat.