Tesla + bitcoin = a good week for Ark’s Cathie Wood

Tesla + bitcoin = a good week for Ark’s Cathie Wood

Cathie Wood says "nothing has gone wrong“ with her Tesla Model S since she bought it in 2018, and she has never required a service call. She is just as pleased with her investment in Tesla shares.

The fortunes of Wood's Ark Investment Management and Elon Musk's electric carmaker have been indelibly linked for some time, and Wood says she remains decidedly bullish about its future prospects “” even after its shares touched a record high of $900 and remain up 14 per cent since the start of the year.

Tesla has been the biggest single holding in Ark's suite of actively managed exchange traded funds, which promise to invest around several loose themes of technological disruption. Their popularity has catapulted Wood to fame and turned Ark into an investment phenom with $50bn under management in its ETFs, from less than one-tenth that at the start of last year.

Tesla has a 10.1 per cent weighting in Ark's Autonomous Tech ETF, remains the largest holding in the Ark Innovation ETF with a weighting of 9.1 per cent and tops the bill in Ark's Next Generation Internet ETF at 8.8 per cent, according to the asset manager's website. 

That degree of concentration has raised questions