Longtime Tesla bull Cathie Wood buys the Tesla dip, spending $141 million as stock drops 25%
Cathie Wood is buying the dip in $Tesla(TSLA.US$ . even as Wall Street sours on the stock.
The fund manager has scooped up nearly 690,000 shares of the electric-vehicle maker across two exchange-traded funds operated by her firm ARK Investment Management in January. The ETFs spent an estimated $141 million on shares, according to calculations by Bloomberg based on share closing prices.
The fund manager has scooped up nearly 690,000 shares of the electric-vehicle maker across two exchange-traded funds operated by her firm ARK Investment Management in January. The ETFs spent an estimated $141 million on shares, according to calculations by Bloomberg based on share closing prices.
Wood has been a long-time Tesla bull but had mostly sold shares for three straight quarters before the current buying streak. Her flagship ARK Innovation ETF ( $ARK Innovation ETF(ARKK.US$ ) and the ARK Next Generation Internet ETF ( $ARK Next Generation Internet ETF(ARKW.US$ ) — have Tesla as their third and sixth largest holdings, respectively.
Tesla has dropped 25% so far this month as the auto industry warns about plunging demand for EVs and Wall Street analysts scale back expectations for the stock. Wood’s flagship fund is down nearly 10%, but that’s after it gained 68% in 2023.
Tesla shares tanked after Wednesday’s fourth-quarter earnings report, when the company said it expected to expand at a “notably lower” rate in 2024. Following the results, Wood bought over 360,000 shares on Thursday and Friday.
Tesla shares tanked after Wednesday’s fourth-quarter earnings report, when the company said it expected to expand at a “notably lower” rate in 2024. Following the results, Wood bought over 360,000 shares on Thursday and Friday.
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