Elon Musk made headlines this week (believe it or not) after dumping another US$3.4bn worth of Tesla stock (the company he used to spend time at before buying Twitter) on the open market.
His latest disposal brought his total TSLA disposals in the past year to nearly US$40bn, more than half of which was sold since announcing his takeover of Twitter.
Read more: Tesla still bearing brunt of Elon Musk’s Twitter adventure
But even if Musk seems willing to throw Tesla’s market value under the bus, there is one prominent investor happy to buy into TSLA’s 60% year-to-date dip.
Ark Investments’ Cathie Wood added another US$13mln worth of TSLA shares spread across her ARKK and ARKQ exchange-traded funds (ETFs) this week, according to daily trading updates.
Wood’s latest splurge brings Ark Investments’ total TSLA holdings across all ETFs to US$650mln, making it Ark’s third-largest holding with a weighting of 5.5%.
TSLA is not the only dip on Wood’s agenda – she added another US$12mln worth of shares in digital asset exchange Coinbase Global Inc (NASDAQ:COIN) this week too, bringing combined holdings to US$231mln.
COIN, which is down over 80% this year on the back of the devastated cryptocurrency markets, comprises around 3% of Ark’s total investments.
Ark even snapped up US$1.5mln in Grayscale Bitcoin Trust (GBTC) in recent weeks, with the unlisted fund running at a 50% discount to the price of its underlying bitcoin.
Buy when there’s blood in the streets, as the saying goes.