top line

Keen to bounce back as her funds continue to underperform, Ark Invest’s well-publicized stock picker Cathie Wood is taking advantage of recent market volatility to buy the decline in big growth stocks like Tesla and Robinhood — both of which have seen that happen stocks are struggling amid the crowd sell-off in January.

Important facts

The founder and CEO of Ark Invest bought a total of 2.58 million shares of popular stock trading app Robinhood after the stock fell to a record low of less than $10 a share on Friday following a dismal earnings report.

Wood bought more than 2 million shares for her $12 billion flagship ARK Innovation ETF, with a total stake in Robinhood worth nearly $200 million, according to Morningstar data.

Robinhood is down nearly 70% since it went public last year, but Wood has continued to buy shares in the company since late October — when the stock fell below its IPO price of $38 per share.

Another big trade from Wood over the past few days: For the first time since June 2021, she increased her position in Tesla, buying around 55,000 shares — worth nearly $50 million — in the electric-vehicle maker.

Tesla stock is down over 20% so far this year amid a broader selloff in growth and tech stocks, but Wood’s recent purchase could be a sign that she thinks shares have slipped to cheaper levels.

Elon Musk’s electric vehicle outfit is Wood’s largest holding in her flagship fund, accounting for about 8% of the ARK Innovation ETF — a position worth over $900 million, according to Morningstar data.