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Cathie Wood's Ark Invest Buys $2.9B In Shares Of This Legacy Automaker Amid Market Rebound

Ark Invest’s Cathie Wood on Friday picked up a chunk of shares in legacy automaker General Motors Corp. GM.

What Happened: Ark Invest, through its Ark Autonomous Technology & Robotics ETF ARKQ, bought 70,226 shares of GM, valued at about $2.89 million at Friday’s closing price of $41.12.

After being a skeptic of legacy automakers, Wood initiated a position in GM in May by buying 158,187 shares, valued at $6.05 million at that time. As recently as Sept. 20, her firm bought 120,004 GM shares.

With this buy, ARKQ now holds about 252,342 GM shares, valued at $10.03 million. The shares make up 1.09% of the ETF’s portfolio. Tesla Inc TSLA is the top holding of the ETF, with nearly a 9% weighting.

Earlier this week, Ark Invest, through its multiple ETFs, bought 39,000 Tesla shares, valued at over $7 million, taking advantage of the steep drop in the shares of the electric vehicle giant.

See also: Cathie Wood’s ARK Innovation ETF Marks Record Surge On Thursday: Here’s What She Offloaded Amid Market Rally

Other Transactions: Friday, Ark Invest divested about one million shares of autonomous trucking company TuSimple Holdings, Inc. TSP, valued at about $2.8 million.

It also sold 370,568 shares of Materialise NV MTLS, a provider of additive manufacturing and medical software, and 3D printing services.

Incidentally, the stock market has been on a two-session rebound since Thursday following the release of tamer-than-expected inflation data, which gave investors hope of an inflection higher.

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