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ARK Invest Buys 160,000 Tesla Shares on Thursday as Stock Plummets 15% After Earnings Miss

GateNews
Stocks
TSLA-2.03%
According to Barron's, ARK Invest bought approximately 160,000 Tesla shares on Thursday (July 24) through four ETFs—ARK Innovation ETF, ARK Space & Defense Innovation ETF, ARK Next Generation Internet ETF, and ARK Autonomous Technology & Robotics ETF. The purchases came after Tesla released disappointing second-quarter earnings Wednesday evening, with the stock falling 15% on Thursday and declining another 2.1% on Friday to close at $313.03. Tesla reported Q2 operating income of approximately $400 million, roughly $1.3 billion below Wall Street expectations, amid weaker pricing and higher costs despite deliveries reaching approximately 480,000 units, up 25% year-over-year.
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