Cathie Wood buys more Tesla, says now ‘is not the time to run for the hills’

Now is not the time for investors to bail on Tesla , according to Ark Invest CEO Cathie Wood. “When it’s been cut in half, down 60%, is not the time to run for the hills if you believe Tesla is going to be — and this we also believe — the autonomous taxi network,” she told CNBC’s Andrew Ross Sorkin during an interview on ” Squawk Box ” Wednesday. Tesla shares have slumped more than 33% since the start of the year as it faces rising competition in China and slowing demand for electric vehicles, with the Elon Musk-run company reporting an 8.5% year-over-year decline in first-quarter deliveries earlier this week. Despite this recent pressure, Wood believes that the stock could hit $2,000 in the next five years. And, while she sold some shares around the $300 and $400 level, she views the current share price as an attractive entry point. TSLA YTD mountain Tesla, YTD That’s evident from recent moves at the investment firm. Wood snatched up 182,052 shares for the flagship ARK Innovation ETF , 42,744 shares for the ARK Next Generation Internet ETF , and 10,202 for the ARK Autonomous Technology & Robotics ETF , according to the firm’s daily trading data from Tuesday. The combined purchase equates to more than $39 million based on Tuesday’s close price of $166.63. “This reminds me very much of 2018-19,” she said. “We’re in a bit of a trading range, and we will be until more and more analysts and investors understand how provocative the convergence of these three technologies is going to be,” she said, referring to robotics, energy storage and artificial intelligence.