Cathie Wood Keeps Buying Tesla Stock: Here's How Much Ark Invest Paid for Weekly Buys

Tesla, Inc. TSLA shares are down more than 8% this week on demand and margin concerns. Undeterred by continued selling in the new year, Cathie Wood's Ark Invest continued to push the stock higher.

What happened: Ark Invest flagship Ark Innovation ETF ARKK, and Ark Autonomous Technology & Robotics ETF ARKQ added 24,506 and 33,538 Tesla shares, respectively, on Friday . Ark's cumulative purchase of Tesla totaled 58,044 shares, valued at $6.56 million.

The Wood-led company bought Tesla shares in three of four sessions in the truncated week. Ark's purchases of Tesla this week totaled 255,206 shares worth $27.99 million.

On Wednesday, ARKK and ARKQ together added 21,050 shares, valued at $2.39 million. On Tuesday, the two exchange-traded funds bought a total of 176,112 shares of Tesla, valued at $19.04 billion.

The fund has been on a buying spree of Tesla in recent weeks amid falling stocks. During the week ended December 30, he acquired $28.82 million in shares and during the week ended December 23, he added $10.6 million in shares.

Tesla shares plunged to a new low early in the new year, under pressure from fourth-quarter deliveries falling short of expectations. On Friday, the company announced price cuts ranging from 5.7% to 13.5% in China, rekindling concerns about slowing demand in its key market.

See also: Everything you need to know about Tesla stock

Other Ark Transactions: Other notable Ark transactions on Friday included the sale of 31,758 shares of Nvidia Corp. NVDA, worth $4.72 million.

The company's ARKQ also sold 169,472 shares of Chinese electric vehicle startup XPeng, Inc. XPEV, valued at $1.71 million. XPeng's fundamentals have recently suffered from the resurgence of COVID-19 in China. It underperformed its domestic peers Nio, Inc. NIO and Li Auto, Inc. LI both fundamentally and in terms of stock performance.

Tesla's China price cuts announced on Friday are expected to have a bigger impact on XPeng, as the former's slashed prices will likely take away market share from the latter. The majority of XPeng's sales come from the low-end price, at which it will now have competition from Tesla.

ARKK closed Friday's session up 1.13% at $31.37, according to data from Benzinga Pro. Tesla recouped its early losses and ended the session up 2.47% at $113.06.

Read Next: Tesla China Price Cuts Trigger Stock Fall Above Margin Worries - But Analysts Say it's actually a "smart move"

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