Cryptocurrencies
Cathie Wood Buys Tesla Amid Musk Bitcoin Spat, Burry Shorts
- Ark ETFs added shares of carmaker for first time since April
- Musk and Ark are at odds over Bitcoin’s environmental impact
This article is for subscribers only.
Cathie Wood’s Ark Investment Management is buying the dip in Tesla Inc., sticking with high-conviction names and setting aside a big disagreement with Elon Musk over Bitcoin.
Ark exchange-traded funds added more than 47,000 shares in the electric carmaker in the last trading session, according to data released late Tuesday. While that’s worth a modest $27 million, it’s the first time the firm has purchased Tesla since April.
Tesla has dropped 38% from its January peak as inflationary fears spur investors to sell expensive assets -- prompting Wood to demonstrate her propensity to enlarge Ark’s positions in favorite tech bets at market lows.