Cathie Wood buys the dip on Tesla again after Elon Musk’s EV giant plunged 12% on Tuesday
Marco Bello

Cathie Wood hasn't wavered in her bullish opinion of Tesla (TSLA), as she continued to add shares of Elon Musk's EV maker during the stock's continued fall on Tuesday. Tesla (TSLA) has been a longtime key company holding for Ark Invest.
The innovation-focused asset manager picked up more than 175K shares of the electric vehicle giant across two of her actively managed ETFs. This came as TSLA dropped about 12% in Tuesday's trading, taking the stock to yet another 52-week low.
Wood added a total of 176,112 shares of Tesla to Ark Invest, with her flagship fund ARK Innovation ETF (NYSEARCA:ARKK) taking on the lionâs share of 144,776 shares. An additional 31,336 shares were added to Woodâs ARK Autonomous Technology & Robotics ETF (BATS:ARKQ).
Wood is no stranger to buying the dip when it comes to Tesla. Wood and her team purchased a total of 395,416 shares of Tesla from December 16 through the end of 2022. During that period of time, Elon Muskâs EV company collapsed by 21.8%.
Heading into Wednesday, TSLA gained 1% in premarket trading. At the same time, ARKK and ARKQ picked up 1.2% and 3%.
Cathie Woodâs ETF lineup suffered heavy losses during 2022, with ARKK ending the year lower by 67.5% and ARKQ dropping 47.5%. To start off the 2023 trading year ARKK and ARKQ, continued their downward trend after TSLA plunged amid disappointing delivery data.