Cathie Wood’s ARK Invest made a big move on Thursday, July 23, buying Tesla stock as its price fell sharply following a weak earnings report. At the same time, ARK sold off a large chunk of its Figma position and added to its Circle Internet stake.
Tesla reported second-quarter operating profit of around $400 million. That was roughly $1.3 billion below what Wall Street had expected. The stock fell almost 15% on Thursday. ARK bought the dip.
ARK picked up 160,151 Tesla shares across four funds — ARK Innovation ETF, ARK Space & Defense Innovation ETF, ARK Next Generation Internet ETF, and ARK Autonomous Technology & Robotics ETF. The total purchase was valued at approximately $59.9 million.
Tesla is the largest holding in the ARK Innovation ETF, making up close to 10% of the fund’s assets. ARK’s support for Tesla has been consistent even as the stock has struggled this year.
Coming into Friday, Tesla was down 29% year to date and down 3% over the past 12 months. The stock slipped another 0.6% in early Friday trading, sitting at around $317.86.
Tesla delivered around 480,000 vehicles in Q2, up 25% year over year. However, weaker pricing and higher costs offset that volume growth, dragging down profitability.
Tesla trades at over 150 times forward earnings. The rest of the Magnificent Seven trade at an average of around 24 times. That gap has made some investors uneasy.
Tesla launched a robotaxi service in Austin, Texas, in June 2025. The rollout has since expanded to a handful of cities, but growth has been slow.
On the selling side, ARK offloaded 976,368 Figma shares across its ARKK and ARKW ETFs for about $20.96 million. This continues a pattern of ARK reducing its Figma exposure in recent trading days.
ARK also sold 45,713 shares of Twist Bioscience and 152,597 shares of 10X Genomics. Both sales came through the ARKK ETF and suggest a pullback from biotech names.
Robinhood saw another reduction, with ARK selling 40,553 shares through its ARKW fund. Consistent selling over recent days points to a deliberate exit from the online brokerage.
ARK trimmed Deere by 15,177 shares across three ETFs for around $9.2 million.
ARK bought 130,136 Circle Internet Group shares across ARKK, ARKW, and ARKF ETFs for roughly $8.6 million. Circle Internet operates in digital finance and blockchain, areas ARK has been increasing exposure to.
Smaller buys included 31,016 shares of Compass Pathways for $370,020 and 48,377 shares of Securitize Corp for $371,051.
The trades show ARK actively repositioning — moving away from biotech and online brokerage stocks while doubling down on Tesla and adding crypto-adjacent assets like Circle Internet.
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