Cathie Wood's Ark Investment Management continued its buying spree on Monday, adding to positions in SpaceX and Tesla while reducing its stake in Robinhood, even as both companies led by Elon Musk have experienced recent stock weakness.

The purchase of SpaceX shares was executed through multiple Ark funds, including the ARK Innovation ETF (ARKK), which bought 78,031 shares, the ARK Autonomous Technology & Robotics ETF (ARKQ), which acquired 25,442 shares, the ARK Next Generation Internet ETF (ARKW), which added 10,369 shares, and the ARK Space Exploration & Innovation ETF (ARKX), which purchased 10,701 shares. This buying activity, valued at approximately $14.1 million based on Monday's closing price of $113.50, underscores Ark's continued confidence in the aerospace company despite recent price corrections.

SpaceX shares have fallen sharply from their June peak of $225.64, shedding over $1.2 trillion in market value. This decline has occurred as Tesla's stock also dropped to near one-year lows. On Monday, SpaceX fell for the 13th time in the past 16 trading sessions, declining more than 1%.

Ark also increased its holdings in Tesla, purchasing 18,730 shares via ARKK and 9,134 shares via ARKQ. This move follows Tesla's latest quarterly earnings report, which showed revenue exceeding expectations but profits falling short. Management highlighted progress on the Cybercab production and the upcoming Optimus robot project. Based on Tesla's closing price of $309.22, the purchase was valued at roughly $8.6 million. Notably, on Thursday, Wood purchased $51.2 million worth of Tesla stock shortly after the earnings report.

In contrast, Ark took a more cautious approach with Robinhood, selling 12,119 shares. The sale, estimated at around $1.2 million based on Monday's closing price of $95.65, comes as the online brokerage faces renewed competition in the digital finance space and shifting investor sentiment in the fintech sector. The timing also follows the launch of X Money, a platform seen as a challenger to traditional payment and trading systems. The reduction in Robinhood shares suggests Ark has adopted a more short-term cautious stance following the stock's recent price weakness.