Cathie Wood buys $1.8 million of battered tech stock
In 2024, the Nasdaq Composite gained 30% while Ark Innovation ETF returned 8.4%.
Ark Investment Management's chief, Cathie Wood, often focuses on technology stocks, betting on their disruptive potential in the long run. She likes to buy them when the prices fall.
That’s what she did this week, in particular acquiring a tech stock that has given up nearly 20% year-to-date.
Wood’s flagship fund, Ark Innovation ETF (ARKK) , underperformed the market in 2024.
Although it outpaced the S&P 500 and Nasdaq Composite in January and early February, ARKK is down more than 2% year-to-date as of Feb. 25, while the Nasdaq Composite and S&P 500 have returned -1.3% and 1.2%, respectively.
