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Home BUSINESS

Cathie Wood Boldly Invests $141 Million in Tesla Amid 25% Dump

Michael Juanico by Michael Juanico
January 29, 2024
in BUSINESS, FINANCE, INVESTING
Reading Time: 3 mins read
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  • Cathie Wood, founder of ARK Invest, has aggressively bought Tesla stock on the recent dip, spending $141 million in January alone.
  • Tesla stock has plunged 25% in January as demand concerns and slowing growth weigh on the stock. Wood’s ARK Innovation ETF is also down 10% year-to-date.
  • Wood remains highly convicted on Tesla’s long-term potential, with a $2,000 price target for 2027. Her buying the dip signals enduring confidence in Tesla’s growth story despite near-term headwinds.

Cathie Wood, founder of ARK Investment Management, has been aggressively buying the dip in Tesla stock despite the recent selloff. Her conviction remains strong in the electric vehicle maker’s long-term growth story.

JUST IN: Cathie Wood's ARK Invest bought $141M of Tesla $TSLA stock

Acquiring nearly 690,000 shares 🚀 pic.twitter.com/4ubigHOW77

— BlockNews.com (@blocknewsdotcom) January 29, 2024

Wood Buys the Dip

Wood has purchased nearly 690,000 Tesla shares across two ARK ETFs in January alone, spending an estimated $141 million. This buying comes after she had sold Tesla shares for three straight quarters last year.

Tesla Stock Slumps

Tesla stock has plunged 25% in January as demand concerns weigh and Wall Street turns bearish. Wood’s flagship ARK Innovation ETF is also down 10% year-to-date. The selloff intensified after Tesla’s latest earnings, where slower growth was forecasted.

Long-Term Bull Case

Wood has been a Tesla bull for years, with the stock being a top holding. She sees robotaxis driving growth. Her firm’s 2027 price target is $2,000. Wood often invests in disruptive companies with a 5+ year view.

Buying the Dip Signals Conviction

Analysts say Wood’s latest round of buying displays conviction even as sentiment sours. Investors were waiting for an entry point after Tesla’s big 2021 run. Wood is likely seizing the recent dip as a long-term opportunity.

Conclusion

Despite near-term headwinds, famed investor Cathie Wood is holding fast to her positive long-term outlook on Tesla. Her continued buying highlights enduring confidence in the electric car maker’s growth trajectory.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: ARK ETFArk InvestCathie Woodtesla
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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