Cathie Wood Adds to Positions in Tesla, SpaceX, and Meta Amid Market Volatility
Cathie Wood's Ark Invest added shares of Tesla (TSLA), Space Exploration Technologies (SPCX), and Meta Platforms (META) last week as these stocks declined sharply. The purchases came amid a broader sell-off for the three companies, with Tesla falling over 16% in two days after disappointing second-quarter results. Tesla's stock has dropped more than 37% from its peak seven months ago due to weak profitability and negative free cash flow following aggressive promotions and increased investment in robotics. Meanwhile, SpaceX (SPCX) saw a significant drop since its IPO debut at $135, closing near $115 after reaching highs of over $225. Wood's buying activity suggests she is capitalizing on the volatility to add to key positions as these stocks face challenges and market cap shifts. Tesla has fallen from being part of the "Magnificent Seven" group due to its current ranking at 10th largest U.S.-listed stock by value.
Topics: Ark Invest Cathie Wood investment strategy Tesla volatility