Cathie Wood loads another $2m into Tesla as Elon Musk urges employees to look past stock plunge

As Tesla Inc TSLA shares enjoyed a surprise rebound on Wednesday, Cathie Wood-led ARK Investment Management filled the electric vehicle maker's stock, after buying 17 960 shares at an estimated valuation of over $2 million.

On Wednesday, Elon Musk reportedly told his employees they shouldn't be "bothered by the stock market madness" after the electric vehicle maker's shares fell nearly 70% this year due to concerns about slowing demand for electric vehicles and Musk. distraction following purchase on Twitter. In an email sent to staff on Wednesday and reviewed by Reuters, Musk said he believed Tesla would be the world's most valuable company in the long run.

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The stock price surge follows its plunge to more than two years on Tuesday after a report said the company intended to run a production schedule reduced in January at its Shanghai plant. Since mid-December, Wood's funds have loaded more than 232,000 shares of the electric vehicle maker.

Tesla is the fifth largest holding in ARK's flagship fund, the ARK Innovation ETF ARKK, with a weight of 6% while holding the same rank in the ARK Autonomous Tech. & Robotics ETF ARKQ with a weight of 6.98%, according to the latest data available on the company's website.

Other Buy: ARK also loaded Fate Therapeutics Inc FATE shares which closed Wednesday's session down 3.33%. ARK has purchased over 172,000 shares of the company for an estimated valuation of over $1.7 million.

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