Cathie Wood buys $27 million of tumbling AI stock
In 2024, The Nasdaq Composite gained 30%, while Ark Innovation ETF returned 8.4%.
Cathie Wood, chief of Ark Investment Management, often seizes the moment to buy her favorite stock when the prices fall.
That’s what she did this week–she bought a stock that has plunged nearly 30% in the past five days.
Wood’s flagship fund, the Ark Innovation ETF ARKK, underperformed the market in 2024.
Although it briefly 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.