Cathie Wood bought the dip in TSLA after large selloff
Marco Bello         
Cathie Wood bought the dip, regarding shares of Tesla (NASDAQ:TSLA). TSLA experienced its largest drop in four months as it closed lower on Monday byÂ 8.6%. The CEO and CIO of ARK Invest purchased a little more than 130,000 shares of the electric vehicle giant across two of her actively managed exchange traded funds in response.
ARK Innovation ETF (NYSEARCA:ARKK), the firmâs flagship fund, bought 108,380 shares of Muskâs TSLA, which equated to roughly a $26.27M market valuation.
At the same time, Woodâs ARK Next Generation Internet ETF (NYSEARCA:ARKW) scooped up 23,833 shares of Tesla, which equaled a market value of approximately $5.77M.
Both ARKK and ARKW identify TSLA as the fundâs number one holding. ARKK has a 9.63% portfolio position in TSLA giving the stock a market value of $783.53M, while ARKW has a 9.13% stake in the EV maker, which totals a market valuation of $109.47M.
The selling pressures followed Tesla on Monday after the company reported Q3 deliveries that were below expectations.
Premarket price action: ARKKÂ +4%Â and TSLAÂ +3.7%.
Year-to-date price action: ARKK -60.9%, ARKW -61.7%, and TSLAÂ -39.4%.
In related ARK Invest news, Woodâs ARKK attracted over $400M of capital inflows in the month of September, despite the fact that the fund concluded the month in negative trading territory.