TuSimple Holdings Inc (NASDAQ: TSP) shares are up 3.0% this morning after influential investor Cathie Wood loaded up on her stake in the autonomous trucking company.
Cathie Wood bought another 260,318 TuSimple shares
Wood bought another 260,318 shares of TuSimple Holdings on Monday, worth about $2.79 million. The California-based company is building commercial-ready, level 4 self-driving trucks.
The billionaire investor is exposed to TuSimple Holdings via Ark Innovation ETF (ARKK) and Ark Autonomous Technology & Robotics ETF (ARKQ). Wood now holds over 11.25 million shares of the Nasdaq-listed company.
TuSimple went public last year in April at a per-share price of $40.
TuSimple Holdings’ unexpected management shift
TuSimple shares have tanked about 40% in less than a week after the $2.43 billion firm cited “planned executive succession” as it replaced Cheng Lu with co-founder and CTO Xiaodi Hou as the chief executive and chairman of the company.
Despite a harsh response from the stockholders, Cathie Wood wrote in her weekly email update:
We have confidence in Xiaodi’s ability to execute on TuSimple Holdings’ autonomous strategy.
Wood is known for investing in disruptive innovation. Her exchange-traded funds have taken a massive hit in 2022 to date, but she remains confident that her investments will bear “spectacular returns” over the next five years.
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