Cathy Wood's Ark Investment Management Company was in Tesla on Wednesday.As the share price fell, it bought another 110731 shares in the company, estimated to be worth about $71.38 million.
Tesla shares closed down 2.26 per cent at $644.65 on Wednesday and have risen about 7.6 per cent since the last purchase by the Ark fund in early June.
Before Wednesday's trading, Wood's three funds-Ark Innovation ETF, Automation Technology and Robotics ETF and next Generation Internet ETF---held about 4.93 million shares of Tesla, worth $3.25 billion.
Mr Wood, a bullion for Tesla, raised his long-term target price for the stock to $3000 in March, which is expected to be reached by 2025.