Ark Invest’s Cathie Wood piled into Tesla shares Thursday as the electric vehicle company, one of her top holdings, sold off drastically after weak earnings and a slowdown warning. Wood’s flagship ARK Innovation ETF added 148,246 shares of Tesla in the previous session, and 29,624 shares for her ARK Autonomous Technology & Robotics ETF , according to Ark’s daily trading data. Combined, the purchases were worth more than $32 million based on Tesla’s Thursday close of $182.63. Tesla shares shed 12% Thursday, suffering their biggest drop in over a year. The sell-off came after the company reported earnings that missed expectations and warned of a slowdown in 2024. The stock is now down more than 26% in January. TSLA 5D mountain Tesla Elon Musk’s electric carmaker said vehicle volume growth in 2024 “may be notably lower” than the rate observed last year, as the company works toward launching its “next-generation vehicle” in Texas. The company cautioned investors that it’s “currently between two major growth waves.” Tesla is ARKK’s fourth largest holding with a 7.2% weighting, behind Coinbase , Roku and Zoom . Wood is known to trade around Tesla, taking profits to feed other high-conviction purchases and adding to the stake when the stock is under pressure. Last year, she said her EV darling could hit $2,000 in five years on the back of a robotaxi boom. That valuation would also translate into a more than $5 trillion market cap for Tesla. Her projections have also included a $1,400 price target as her bear case and $2,500 as her bull case. Wood has been a longtime champion of Tesla, betting on an accelerated shift to EVs as well as Tesla’s artificial intelligence capabilities. She previously called Tesla the “biggest AI opportunity in the world.”
