Cathie Wood's Ark Bought the Dip in Tesla Stock

Cathie Wood’s ARK Invest bought roughly 160,000 shares of Tesla across four ETFs after Tesla’s shares dropped sharply on weak second-quarter results. Tesla reported operating profit of about $398 million, missing Wall Street expectations by roughly $1.3 billion, and the stock fell nearly 15% on Thursday before rebounding slightly in premarket trading Friday. The article highlights ARK’s continued conviction in Tesla despite concerns over slowing AI/robotaxi expansion, high valuation, and weaker pricing and costs. Tesla remains ARK Innovation ETF’s largest holding at nearly 10% of assets, underscoring the fund’s concentrated bet on the company.