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Cathie Wood Adds to Tesla Wager After Post-Bitcoin Pullback (2)

Feb. 18, 2021, 9:16 PM

Cathie Wood’smagic touch is being put to the test following Ark Investment Management’s decision to increase its stake in Tesla Inc.

Shares of the electronic carmaker fell as much as 2.7% in New York Thursday before closing down 1.4% at $787.38. Ark disclosed late Wednesday that its flagship exchange-traded fund and two others boosted their Tesla holdings.

Tesla has slumped nearly 10% over the past two weeks, with the decline quickening its pace after the company announced Feb. 8 that it added about $1.5 billion in Bitcoin to its balance sheet. While Tesla’s market value shrunk during the recent ...

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