share_log

Cathie Wood buys the 13% dip in Tesla amid Tuesday’s sell-off

Bloomberg ·  Feb 23, 2021 20:16

Tuesday morning’s plunge in popular technology stocks offered a rare discounted buying opportunity for true believers. Cathie Wood was among them.

Source: Bloomberg

The superstar head of Ark Investment Management snatched up $Tesla, Inc.(TSLA.US)$ after a fourth day of selling wiped out the electric-car maker’s gain for the year, she said in an interview on Bloomberg Radio. While she characterized her purchase as 「a lot,」 she didn’t specify how much her funds bought. Tesla pared its losses to end the day down 2.2% at $698.84.

According to CNBC, Cathie Wood scooped up more than $120 million worth of Tesla shares during Tuesday’s rout and subsequent comeback.

"We love the liquidity that this provides us, we think it’s very healthy, a very healthy shakeout," she said of her exchange-traded funds’ teams. "All I know is we are keeping our eyes on the prize and the prize just got a little bit more interesting."

Wood’s main fund, the $27 billion $Ark Innovation Etf(ARKK.US)$, notched its worst back-to-back rout since September, falling as much as 11.8% and ending the day down 3.3%. A record $4.96 billion worth of shares changed hands in total, more than double the previous high just a day prior.

"Corrections are good, they keep us all humble," she said. "The strongest bull markets I’ve been in are built on walls of worry."

Source: Bloomberg, CNBC

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment