Cathie Wood buys $8 million of tumbling tech stock
The Ark Innovation ETF is down 7% year-to-date.
Cathie Wood, head of Ark Investment Management, does not panic when the prices of her favorite tech stocks fall. She in fact buys the dip.
And the prominent asset manager just bought into a tech stock that has lost nearly a quarter of its market value over the past month.
Wood’s flagship fund, Ark Innovation ETF (ARKK) , underperformed the market in 2024.
Although it briefly outpaced the Nasdaq Composite and the S&P 500 in January and early February, ARKK is down more than 7% year-to-date as of March 5. The Nasdaq Composite and S&P lost 5% and 1.4% respectively during the same period.
The fund’s recent struggles stem largely from Tesla's (TSLA) 32% decline this year, its biggest holding.
