ARK Goes Shopping on SpaceX After the Midterm Dip 🚀

Cathie Wood’s ARK Invest purchased 348,406 shares of SpaceX (NASDAQ: SPCX) valued at approximately $47.36 million after the stock fell following Democrats’ victories in the U.S. midterm elections.

SpaceX closed regular trading at $135.92, down $5.39, or 3.81%, from its previous close of $141.31. The decline occurred even as major U.S. stock indexes finished higher, with Democrats taking control of both the Senate and House. The election result added uncertainty around potential congressional oversight of technology companies, federal spending and Elon Musk’s proposed business plans, including a potential Elon-Tesla combination.

ARK’s latest trading disclosure showed that three exchange-traded funds bought SPCX shares as the stock traded lower. The ARK Innovation ETF (ARKK) acquired 224,483 shares, the ARK Autonomous Technology & Robotics ETF (ARKQ) purchased 63,478 shares and the ARK Next Generation Internet ETF (ARKW) bought 60,445 shares.

The transactions were valued using SpaceX’s closing price on November 4, when the stock closed at roughly $47.36 million in total across the three funds. Investors had weighed concerns that Democrats’ new majority in both Houses could bring greater scrutiny of government work involving Musk’s companies, as well as delays or additional investigations into his business proposals.