Cathie Wood's Ark Invest Has Built an $870 Million Tesla Position. Here's the Thesis Keeping Her In.

The article says Cathie Wood’s Ark Invest bought another $14.3 million of Tesla shares after the stock fell to a 52-week low and remains down 20% year to date, including an 18% drop after Q2 earnings. The move reinforces Ark’s contrarian stance and Wood’s long-term bullish view, especially on Tesla’s autonomous driving and robotaxi potential. Tesla remains Ark’s largest holding at $870.6 million across its ETFs, with the biggest allocation in ARKK. Wood’s extremely bullish 2029 price target of $2,600 implies more than 700% upside. The market takeaway is that while Tesla’s near-term performance has weakened, Ark is doubling down on the stock’s long-duration AI/autonomy story rather than short-term fundamentals.