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No New Models in 2022 but Cathie Wood Sticks To Tesla!

She still believes in Tela. According to Barron’s, Cathie Wood’s ARK Investment ETFs purchased 33,482 shares of the electric-vehicle company Tesla recently. On the day of the new investment, the Tesla (ticker: TSLA) stock closed Thursday at $829.10, down 11.6%. At that price, Wood paid an estimated $27.76 million for the shares.

The ARK Innovation ETF (ARKK) purchased 27,799 shares of Tesla, according to the daily trades posted by the ARK funds, while the ARK Next Generation Internet ETF (ARKW) bought 5,683 Tesla shares. The ARK funds have been sellers of Tesla shares since around September; the share price has declined 21.5% so far in 2022.

Tesla reported better-than-expected fourth-quarter earnings this week. Adjusted earnings came to $2.54 a share in the fourth quarter on sales of $17.7 billion. Operating profit was $2.6 billion, and free cash flow was $2.8 billion —each of the figures represent quarterly records for the company.

However, CEO Elon Musk disappointed investors when he said Tesla wouldn’t be working on new models in 2022 but instead will focus on producing more of the company’s existing models this year.

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