Cathie Wood’s Fund Bought More Tesla After Shares Got ‘Slapped’
- Company is ARKK’s top holding; ETF among best performers
- Stock rebounds after selloff as analysts boost targets
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The record plunge in Tesla Inc. that shaved $82 billion from its value in just one day dragged down Cathie Wood’s innovation ETF. For her, the rout in the fund’s biggest holding was the perfect reason to buy even more.
“I was happy to see it get slapped,” Wood said of Tesla’s shares. “We wait for those sorts of days where there is outright fear. If we think the stock has dropped enough, we’ll move in, and we did.”