Popular stock picker Cathie Wood's Ark Investment Management on Tuesday stayed away from buying or selling any shares in Tesla Inc (NASDAQ:TSLA) on the dip, daily trade data from the money managing firm showed.
Tesla shares plunged lower on Tuesday and reportedly lost $126 billion in value amid investor concerns that CEO Elon Musk may have to sell shares to fund his $44 billion buyout of Twitter Inc (NYSE:TWTR).
Tesla shares were targeted by speculators after Musk declined to disclose publicly the source for the Twitter acquisition. The EV maker is not involved in the Twitter deal.
Wood, a Tesla bull, however, did not make any trades on the stock that closed 12.2% lower at $876.4 on Tuesday.
See Also: Cathie Wood Trims Tesla Stake By Another $8.2M Amid Elon Musk's Twitter Takeover
Ark has been booking profit in Tesla every time it rises higher around $1,000 levels or beyond.
Wood in January bought shares in Tesla, breaking Ark's months-long profit-booking spree when shares had plunged 11% on a single trading day.
Earlier this month, Ark Invest assigned a wilder price target of $4,600 on Tesla by 2026, up from a prior $3,000 by 2025.
Here are other key Ark Invest trades on Tuesday:
- Bought 101,563 shares, estimated to be worth $5.86 million in Teladoc Health Inc (NYSE:TDOC) on Tuesday on the dip. Shares of the online telemedicine company closed 4.7% lower at $57.77.
