Tesla shares dropped 5.92% on Friday, following an underwhelming invite-only launch event for the Cybercab robotaxi in Austin, Texas, coupled with an audit query from federal safety regulators. The declines in Tesla significantly impacted the ARK Innovation ETF, which fell 1.06% that day; Tesla comprises approximately 9.62% of ARK’s assets, resulting in a decline of about 0.6 percentage points in the fund’s value.
ARK Innovation’s largest holdings include Tesla and SpaceX, owned by CEO Elon Musk, which together account for roughly 16% of the fund’s $6.6 billion in assets. SpaceX shares also fell 1.2% on Friday and are currently valued at around $148, reflecting a market cap near $2 trillion despite it reporting a $541 million loss for Q2, though revenue surged to $7.8 billion—up 92% year over year.
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