Cathie Wood sells $21 million of battered tech stock
The Nasdaq Composite gained 30% in 2024, while Ark Innovation ETF returned 8.4%.
Cathie Wood, head of Ark Investment Management, is known for making bold bets — but she’s not afraid to change course when the market proves her wrong.
That’s what she did this week. She unloaded a tech stock that tumbled nearly 50% last year.
Her stock-picking strategy sometimes works: The flagship Ark Innovation ETF (ARKK) returned 8% this year as of Feb. 11, while the S&P 500 Index and the Nasdaq Composite gained roughly 3% and 2%, respectively.