Wood Dumps Tesla Stock, Loads Up on SpaceX After Record-Breaking IPO

Cathie Wood's investment firm ARK Invest sold $16.2 million of Tesla stock, one of its highest-conviction investments, as the megacap company's price has fallen roughly 6.23% over the past month and is down more than 9% year to date.

The move comes after Wood's flagship Ark Innovation ETF (ARKK) gained 35.49% in 2025 but is now down 2.85% this year, while the S&P 500 has surged 8.56%. The ETF delivered a 153% return in 2020, but also suffered a loss of over 60% in 2022.

Wood's focus on high-tech companies across artificial intelligence, blockchain, biomedical technology, and robotics has led to volatility in the Ark funds, with two of her funds ranking among the worst-performing ETFs in the first quarter of this year.