Monday, Ark Investment Managementthe company headed by Cathy Woodbought shares for the first time General Motors Co. (NYSE:).
This first investment in the Detroit-based automaker comes a month after the Irish-American entrepreneur openly declared her interest in the firm.
Wood, 66, an early supporter of Tesla Inc. (NASDAQ:NASDAQ:), an acquired 158,187 GM shares, valued at $6.05 million, through its exchange-traded fund Ark Autonomous Technology & Robotics ETF (BATS:ARKQ).
The title of the historic automobile house closed down 3.34% at 38.26 dollars on Monday, recording -37.5% compared to May 9, 2021.
In April, the businesswoman said she was impressed by the accent that the CEO of GM, Mary Barrahad put on Cruisethe company’s self-driving unit, however, added that Ark has “more confidence” in Tesla on this.
Just a few months ago, Wood, who manages assets worth $50 billion, claimed that traditional automakers don’t have the genes to succeed in the world of electric vehicles.
The famous investment company has also generated stakes in Chinese electric vehicle manufacturers, such as Nio Inc. (NYSE: NIO), Xpeng Inc. (NYSE:NYSE:) and BYD Co (OTC:BYDDY).
Interestingly, the St. Petersburg, Fla.-based firm sold 41,754 Tesla shares worth $32.8 million on Monday, as the stock closed down 9.07% at $787.1. Before this transaction, she held 1.29 million shares in the world leader in EVs, which were worth $1.11 billion.
Read the article on Benzinga France