Cathie Woods Ark Invest Buys $4.7M Of Tesla Stock And These 3 Tech Stocks Amid Friday's Market Weakness

Fund manager Cathie Wood’s Ark Invest bought another chunk of Tesla, Inc. TSLA shares on Friday and also scooped up three more of its favorite tech names.

What Happened: Ark Invest’s flagship fund Ark Innovation ETF ARKK bought 31,018 shares of Tesla on Friday, a daily trade disclosure by the fund showed. The shares are valued at $4.66 million, based on the closing price of $150.23 on Friday, when it fell 4.72%. Ark Invest has been bulking up on the beaten-down Tesla shares since Wednesday.

Tesla has been on a downhill slide this year, pressured by macroeconomic factors, and company-specific issues, including CEO Elon Musk's preoccupation with his newly-acquired Twitter social media platform.

Following Friday’s purchases, ARKK now holds 3.203 million Tesla shares, valued at $505.09 million. The electric vehicle maker's stock is the exchange-traded fund’s second-biggest holding, accounting for 7.51% of the total portfolio.

See also: Best technology Stocks Right Now

Other Buys: ARKK also picked up 32,773 shares of Zoom Video Communications, Inc. ZM, valued at $2.29 million, based on Friday’s closing price of $69.86. Zoom Video is the ETF’s top holding.

The fund bought 37,524 shares of Roku, Inc. ROKU, valued at $1.72 million. Roku closed Friday’s session down 1.57% at $45.85, according to Benzinga Pro data.

ARKK added 20,632 shares of Jack Dorsey-run fintech company Block, Inc. SQ for $1.29 million. Block shed 5.13% on Friday before closing at $62.51.

The equity market has been on a three-session retreat following the Fed meeting as traders fear the central bank’s hawkish stance could hurt the already-fragile economy even further.

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