Cathie Wood’s Ark Invest bought the dip in Tesla shares on Wednesday as her EV darling continued to sell off. The innovation-focused investor added 61,537 shares of Elon Musk’s company for her flagship Ark Innovation ETF (ARKK) fund, according to Ark’s daily trading data. She also bought 10,066 Tesla shares for Ark Autonomous Technology and Robotics ETF and 3,259 shares for Ark Next Generation Internet ETF Wednesday. These purchases cost more than $11.7 million based on Tesla’s closing price of $156.8 Wednesday. Tesla’s stock has lost about 30% in value since CEO Elon Musk bought Twitter. Musk sold billions of dollars’ worth of his Tesla holdings to finance the Twitter takeover and has been embroiled in controversy ever since. Musk sold about 22 million more shares, worth around $3.6 billion, according to a financial filing out Wednesday night. The shares were down another 2% in premarket trading Thursday following that sale. The stock, which is ARKK’s third biggest holding, is down 55% this year. The ARKK fund has fallen a whopping 63% year to date as technology names were hit particularly hard by rising rates. Wood remains wildly bullish on Musk’s Tesla. Her updated call on Tesla predicts the stock to hit a split-adjusted level above $1,500 by 2026. Wood’s conviction in Tesla centered around the shift to electric vehicles. She previously said there will be almost 8 million electric vehicles sold around the world this year and that number will rise to 60 million in five years.
