Cathie Wood Buys $14.3 Million in Tesla Shares

Cathie Wood, CEO of Ark Investment Management, increased her firm's position in Tesla Inc. by purchasing $14.3 million in shares after the stock hit a 52-week low. This acquisition brings Ark Invest's total holding across its combined exchange-traded funds to $870.6 million.

Wood maintains a bullish outlook on the automotive and AI company, establishing a 2029 price target of $2,600 per share. Her investment thesis relies on the development of full self-driving technology and robotaxis to drive the majority of the company's future value.

This strategy coincides with Tesla's production of the Cybercab and the company's approval to operate unsupervised robotaxi rides in Austin, Texas, as well as Miami, Orlando, and Tampa, Florida.