Cathie Wood Snaps Up $1M More Of This Self-driving Truck Startup On The Dip

Cathie Wood-led Ark Investment Management on Tuesday further raised its exposure to self-driving truck startup TuSimple Holdings Inc TSP on the dip, for the fifth time this week. 

The popular stock-picking firm bought 131,565 TuSimple shares, estimated to be worth $1 million, as they closed 7.2% lower at $7.9 a piece on Tuesday. 

TuSimple went public in April last year and began trading at an IPO price of $40. The stock is down 76.4% so far this year. 

Ark Invest owns shares in TuSimple via two of its six exchange-traded funds — the Ark Innovation ETF ARKK and the Ark Autonomous Technology & Robotics ETF ARKQ. 

See Also: Cathie Wood Adds $863K Of This Self-Driving Trucking Firm In 3rd Buy This Month

The money managing firm held 12.63 million shares, worth $108.5 million, in TuSimple, before Tuesday’s trade.

The latest buy lifts Ark Invest’s position in TuSimple by 8.3%.

TuSimple, Matterport Inc MTTR and Burning Rock Biotech Ltd BNR, were the money managing company's only three trades on Tuesday.

Tesla Inc TSLA, Nikola Corp NKLA are among companies with self-driving truck ambitions that will compete with a host of other upcoming startups in the category, including Swedish transport firm Einride. 

Photo courtesy: TuSimple