Business Maverick: Tesla’s week to forget was anchor weighing on S&P 500

For ardent Tesla fans like ARK Investment Management’s Cathie Wood, the selloff offers a chance to buy more of the stock at its cheapest price in months. The growth-stock guru, whose funds have been hit hard this year amid soaring inflation and rising interest rates, snapped up shares worth about $32-million on Monday. Mom-and-pop traders were also big buyers, with nearly $540-million in net purchases over the past five trading days, Vanda Research said.

Musk’s purchase of Twitter adds a few more wrinkles. In addition to the uncertainty around the deal’s financing, investors are also worried that the billionaire could be pushing himself beyond his limits with so many demanding ventures. Meanwhile, even with this selloff, Tesla continues to tower over Big Tech and most of the S&P 500 with its eye-watering valuation. Tesla shares are trading at 40 times the company’s estimated forward earnings. By comparison, the S&P 500 trades at an average of 15 times, and Apple trades at 23 times.

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