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Elon Musk

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 Cathie Wood's Ark Invest Buys 210,121 Shares of Elon Musk's SpaceX (SPCX) — Source: CoinGape
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<ul>
 <li>Cathie Wood’s Ark Invest has purchased 210,121 shares in Elon Musk’s SpaceX.</li>
 <li>The purchase comes as SPCX stock tumbled 16.43% to close at $154.60 after announcing bond sales.</li>
 <li>SpaceX also signed an AI computing deal with Reflection AI worth up to $6.3 billion.</li>
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Cathie Wood’s investment management company Ark Invest on Monday bought significant shares in Elon Musk’s SpaceX, increasing its shareholding across ETFs. The purchase came after the company’s SPCX stock fell more than 16% amid post-IPO volatility.
<h2 id="cathie-wood-s-ark-invest-acquires-210-121-spacex-shares">Cathie Wood’s Ark Invest Acquires 210,121 SpaceX Shares</h2>
Cathie Wood-led Ark Invest purchased a total of 210,121 shares of Elon Musk’s SpaceX (NASDAQ: SPCX) for $32.5 million, according to the <a href="https://x.com/CryptoRednirav/status/2069283768301707275" rel="noopener noreferrer nofollow">latest transactions</a>. With the latest buy, SpaceX has become one of the top holdings across many of its ETFs.
ARK Innovation ETF (ARKK) bought 131,837 SPCX stocks and ARK Autonomous Technology &amp; Robotics ETF (ARKQ) purchased 43,486 SpaceX stocks. Meanwhile, ARK Next Generation Internet ETF (ARKW) and ARK Space Exploration &amp; Innovation ETF (ARKX) also acquired 21,506 and 13,292 shares.
The transactions came amid broader market volatility after the blockbuster IPO. It coincided with the company’s announcement of inaugural bond sales. The proceeds will be used to repay outstanding borrowings under its bridge loan facility.
Cathie Wood’s ARK Innovation ETF (ARKK) now holds 1.63 million shares of SpaceX worth almost $301 million. This builds on the massive initial purchase of roughly 3.3 million shares worth over $500 million during the SpaceX IPO.
<h2 id="spcx-stock-falls-more-than-16">SPCX Stock Falls More Than 16%</h2>
SpaceX (SPCX) stock closed 16.43% lower at $154.60 on Monday amid broader market volatility despite progress in the US-Iran peace talks. The stock fell from $176.75 to an intraday low of $154 after investment bank <a href="https://coingape.com/spcx-stock-receives-neutral-outlook-as-spacex-launches-its-first-bond-offering/" rel="noopener noreferrer nofollow">KeyBanc assigned SPCX a neutral rating</a>, in line with others.
Trading volume was 165 million, significantly below the average volume of over 268 million amid profit booking. Despite Cathie Wood’s Ark Invest increasing its shareholdings in Elon Musk’s SpaceX, the stock fell another 1% to $152.93 in overnight trading.
Elon Musk targets SpaceX to reach a $1 trillion in revenue in 2030, following <a href="https://coingape.com/elon-musks-spacex-to-acquire-cursor-ai-tool-firm-anysphere/" rel="noopener noreferrer nofollow">Cursor AI coding tool’s acquisition</a>. This statement came after Cathie Wood claimed SpaceX would be worth $2.5 trillion by 2030.
Meanwhile, SpaceX has also signed an AI computing deal with Reflection AI worth up to $6.3 billion. SPCX stock is down more than 20% since Jim Cramer said “I clock SpaceX going up one point per hour.”
<a href="https://coingape.com/author/varinder-singh/" rel="noopener noreferrer nofollow">About the author</a>
<a href="https://coingape.com/news/stocks/cathie-woods-ark-invest-buys-shares-of-elon-musks-spacex-spcx/" rel="noopener noreferrer nofollow">Cathie Wood’s Ark Invest Buys 210,121 Shares of Elon Musk’s SpaceX (SPCX)</a> originally appeared on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>

Cathie Wood’s Ark Invest Buys 210,121 Shares of Elon Musk’s SpaceX (SPCX)

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