Longtime Tesla (TSLA) bull Cathie Wood is looking slightly less bullish these days.

Elon Musk-led electric-vehicle giant Tesla fell from its spot as the largest holding in ARK Invest’s flagship ARK Innovation ETF (ARKK) late last week for the first time in nearly five years, as the fund has steadily trimmed its stake in the company in recent months.

Now, Wood is snapping up shares of the beaten-down stock again.

ARK Investment Management has purchased an estimated $28 million worth of Tesla shares since Monday as a sharp sell-off in technology peers deepened losses in the hard-hit stock. The move comes after Zoom (ZM) overtook Tesla as ARKK’s largest holding, with the electric car manufacturer holding the second-largest weight in the portfolio place as of Wednesday's market close. ARK Invest declined to comment.

“Tesla has been down every day, so it’s going to be hard to maintain a position when the stock has been getting crushed that much, but I also think it does reflect a little bit of a change in confidence,” David Trainer, CEO of investment research firm New Constructs, told Yahoo Finance.

“A lot has happened in the last few months that would give anybody with a sense of fiduciary duty pause about what to think about Elon Musk and the businesses he’s involved in.”