Cathie Wood sells $4 million of tumbling tech stock
The Ark Innovation ETF is down 9% year-to-date.
Cathie Wood, chief of Ark Investment Management, is known for her bold trades on tech stocks.
She sometimes buys stocks on the way up, hoping for more gains ahead. Sometimes, she sells them during stock dips to avoid further losses.
That’s what she just did. She sold a tech stock that is down 14% over the past month.
Wood’s flagship fund, the 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 roughly 9% year-to-date as of Mar. 7, while the Nasdaq Composite and S&P lost 5.8% and 1.9% during the same period, respectively.
The fund’s recent struggles stem largely from Tesla (TSLA) ’s 35% decline this year. Tesla is the fund's largest holding. Tesla is also off 46.2% from its 52-week high, reached in December.
