The stock market took a dive, but Cathie Wood didn’t flinch. Instead of retreating, the Ark Invest CEO saw an opportunity and went on a buying spree. According to Investor’s Business Daily, her firm snapped up shares of Tesla (NASDAQ:TSLA), Robinhood (NASDAQ:HOOD), Coinbase (NASDAQ:COIN), Palantir Technologies (NYSE:PLTR), and more on March 10.
Investor’s Business Daily said that Ark Invest picked up 79,318 shares of Tesla, valued at $17.62 million based on Monday’s closing price of $222.15. The firm also acquired 269,864 shares of Robinhood for $9.6 million and 64,358 shares of Coinbase, worth $11.53 million.
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Other buys included 147,551 shares of Advanced Micro Devices (NASDAQ:AMD) for $14.26 million, 152,253 shares of Palantir at $11.63 million, and 485,005 shares of Beam Therapeutics (NASDAQ:BEAM), valued at $12.46 million.
It’s a familiar strategy for Wood, who has built a reputation for “buying the dip.” She firmly believes in disruptive innovation and has placed some of her biggest bets on Tesla.
Wood thinks part of the recent demand dip for Tesla could result from broader fears about the economy. In a recent Ark Invest webinar, she said, “Now, clearly, the political dynamics of the last few months are hitting demand; we also would suggest that the economic outlook is hitting demand—not just for Tesla—but for all auto manufacturers.”
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Despite the stock’s 31% decline this year and a growing list of challenges, Wood has maintained a bullish outlook. She told Bloomberg TV that Tesla’s price could soar over the next five years.
Tesla has been at the center of controversy for months. Since Elon Musk’s closer ties with the Trump administration, the electric vehicle company has faced public protests, boycotts, and even vandalism.
Musk’s role as an advisor to the Department of Government Efficiency has drawn criticism, with some accusing the CEO of shifting the company into politically charged territory.
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The turmoil has had financial consequences. Tesla’s stock has been on a downward trend, while competitors, particularly China’s BYD, have continued to gain market share. According to CNN, Tesla vehicles’ resale value has also dropped over the past month.
Amid the backlash, President Donald Trump publicly backed Musk. He said on Truth Social that he would buy a Tesla, calling it a “show of confidence” in the company. The move follows a broader effort by Trump’s administration to support Tesla.
Commerce Secretary Howard Lutnick, the commerce secretary, encouraged Americans to invest in the company.
“I think if you want to learn something on this show tonight, buy Tesla. It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again,” he told Fox News on March 19.
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This article Cathie Wood Just Made A Bold Move—Why She Spent Over $65M On Tesla, Robinhood, And Coinbase 'As The Market Crashed' originally appeared on Benzinga.com
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