Cathie Wood Doubles Down on Tesla and SoFi With Fresh Million-Dollar Buys

This article first appeared on GuruFocus.

Tesla (NASDAQ:TSLA) and SoFi Technologies (NASDAQ:SOFI) drew fresh support from Cathie Wood’s ARK Invest ahead of the U.S. Independence Day holiday, with the fund adding to both positions.

Tesla represented ARK’s largest purchase of the session. The firm acquired 96,935 shares valued at about $41.2 million across the ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Space Exploration & Innovation ETF. The buying followed Tesla’s stronger-than-expected second-quarter delivery results, with the automaker reporting 480,126 vehicle deliveries, exceeding Wall Street expectations.

Tesla remains the largest holding across ARK’s portfolios. The latest purchase signals Wood continues to increase exposure despite the stock remaining lower for the year.

SoFi Technologies (NASDAQ:SOFI) also received additional investment from ARK. The firm purchased 54,838 shares worth roughly $1 million through the ARK Innovation ETF. The move comes shortly after SoFi expanded its product lineup with the launch of a small-business lending platform, broadening its financial services offerings.