ARK Invest purchased shares of SpaceX (SPCX) and Tesla (TSLA) during a significant market selloff on Monday. The firm acquired 124,543 shares of SpaceX. This total investment is valued at approximately $14.1 million.
ARK distributed the SpaceX purchase across four ETFs. The flagship ARK Innovation ETF (ARKK) took the largest portion of these shares. This move follows a market downturn where SpaceX value dropped over $1.2 trillion since its June peak.
ARK also invested $8.6 million into Tesla. The firm purchased 27,864 Tesla shares for the ARKK and ARKQ ETFs. These trades reinforce ARK’s strategy of buying high-conviction names during market weakness.
Portfolio adjustments included the sale of shares in 10x Genomics and Deere & Co. Finally, ARK increased its holdings within the autonomous driving sector.