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ARK’S Wood not appearing to buy the dip in Tesla shares

Star stock picker and noted Tesla Inc bull Cathie Wood of ARK Invest does not appear to be buying the dip in shares of the electric car maker, which have fallen around 13% this week in anticipation of selling by co-founder Elon Musk. Wood, whose ARK Innovation fund outperformed all other U.S. equity funds last year thanks to its bet on high-growth companies that rallied during the early stages of the coronavirus pandemic, has a roughly 9.7% stake of her flagship fund in Tesla as of the start of trading on Wednesday, according to ARK’s website. The fund has been paring its stake in the company since July when the stock was trading at around $655, according to daily trade notifications compiled by Cathie’s Ark, a newsletter service and online forum that tracks the asset manager.

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