CATHIE WOOD (pictured) the highprofile CEO of tech investor ARK, has said she's still bullish on Tesla and Elon Musk despite the company's poor performance and strategy changes in recent months.

Tesla shares have slumped 43 per cent since the start of 2024, but Wood is still all in and has been adding to ARK's holdings. The group bought $18m in Tesla stock just yesterday, and ARK has bought more than $100m in shares this month.

But Wood said she was glad Tesla had fallen out of trend, leaving her to buy more shares as other investors have pulled away from its volatility.

"We don't think it is a high-risk stock, we think the riskier stocks are the traditional auto stocks".

"Some are pulling back from EVs electric vehicles] because they're not profitable, but they won't be profitable for them unless they scale."

When asked about Musk's erratic tweets, Wood replied: "We don't listen to what he says. We watch what he does in terms of pushing technologies."

On technology, she was adamant that "nobody even comes close" to Tesla, though begrudgingly noted the new Hyundai IONIQ 5 N looked like it was doing "pretty well".

Nevertheless, "Tesla is really leading the charge," Wood said, with Musk "moving the space forward so quickly."

(c) 2024 City A.M., source Newspaper