Cathie Wood Doubles Down On Tesla With $38M Dip Buy

Cathie Wood's ARK Invest bought 96,935 shares of Elon Musk's Tesla worth about $38 million on Thursday, days after a separate SpaceX bet.

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ARK Invest Buys Tesla Dip

The firm spread the 96,935 shares across three of its exchange-traded funds on Thursday, July 2, a daily trading update showed. At the stock's closing price of $393.45, the buy came to roughly $38.1 million.

The ARK Innovation ETF led the way with 69,723 shares, worth about $27.4 million. Its Next Generation Internet fund and Space Exploration fund took smaller slices, near $6.9 million and $3.8 million. Wood left the firm's autonomous technology and robotics fund out of the trade.

The move fit a familiar pattern for Wood, who tends to add to Tesla when the price slips.

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Tesla Deliveries Beat Estimates

The purchase landed on a rough session for the stock, which slid 7.49%. The drop followed Tesla's second-quarter delivery report.

The carmaker handed over 480,126 vehicles in the quarter, well above the roughly 406,000 that Wall Street had penciled in, one outlet reported. Deepwater managing partner Gene Munster tied the sell-off to pre-report speculation and cheap gasoline that lifts demand for combustion cars.

Traders had bid the stock higher before the numbers hit.

That setup often leaves a strong report looking like a letdown, and the stock gave back ground even as the delivery figure cleared the bar. Wood read the weakness as a chance to add rather than a reason to trim.

Wood's SpaceX Tesla Bet

The Tesla buy came just after ARK's fresh move into SpaceX, another Musk venture, deepening the firm's exposure to his companies. On the same session, ARK also added shares of the crypto exchange Bullish, one report noted.

Wood has stayed a steady Tesla buyer through 2026, trimming the position in June to fund the SpaceX stake before circling back this week. She frames both companies as one wager on autonomous transport and what she calls physical AI. Tesla still ranks as her largest holding in the flagship innovation fund, a spot it has held for years despite the stock's swings.

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