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Cathie Wood buy the dip in Tesla

Tuesday morning’s plunge in popular technology stocks offered a rare discounted buying opportunity for true believers. Cathie Wood was among them.

The head of Ark Investment Management snatched up Tesla Inc. after a fourth day of selling wiped out the electric-car maker’s gain for the year, she said in an interview on Bloomberg Radio. Tesla pared its losses to end the day down 2.2% at $698.84.

A subsequent email from Ark showed that three of the firm’s exchange-traded funds — Ark Innovation, Ark Autonomous Technology & Robotics and Ark Next Generation Internet — bought a total 240,548 shares of the auto maker on Tuesday.

Ark Investment’s Cathie Wood says her funds bought “a lot of Tesla” on Tuesday.

“We love the liquidity that this provides us, we think it’s very healthy, a very healthy shakeout,” she said of her exchange-traded funds’ teams. “All I know is we are keeping our eyes on the prize and the prize just got a little bit more interesting.”

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