Tesla (TSLA) and Chief Executive Officer Elon Musk continue to have the backing of Ark Investment Management CEO Cathie Wood, despite recent stock swings and political controversy, Bloomberg reported Tuesday, citing an interview with Wood.

"One of the announcements Elon made recently is that he is going to oversee sales in the US and in Europe," Wood said in an interview on Bloomberg Television. "When he puts his mind on something, he usually gets the job done. So I think he's much less distracted now than he was, let's say, in the White House 24/7."

"We've been dealing with controversy around Elon Musk in one form or another since we first bought the stock," Wood said. "We do trust the board and the board's instincts here, and we stay out of politics."

Tesla shares rose 1.3% on Tuesday trading after slumping 6.8% on Monday.