Cathie Wood Cautiously Invests in a Much-Discussed Hot Stock
The long-time Tesla fan does not want to miss out on any upside from this tech giant.
Cathie Wood, the investment lead and CEO of Ark Invest, has been a longtime fan of Tesla and Elon Musk. She has often called Tesla the biggest AI play out there, and is convinced that the company is on the verge of leading the -- as-yet, nonexistent -- robo-taxi industry, a sector she thinks could bring in up to $10 trillion in revenue by 2030.
Wood gravitates toward the "disruptive" innovators, and she has Musk pegged as one of those people.
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That doesn't mean, however, that she wants to miss out on any potential upside from anyone, even if that company is in a bitter rivalry with Musk.
Ark Invest picked up 2,193 shares of (META) - Get Free Report July 6, the same day as the company launched its latest social media platform, a Twitter alternative called Threads. The purchase, solely made by Ark's Next Generation Internet ETF, amounted to around $600,000, increasing that ETFs Meta holdings to 32,323 shares valued at a little under $10 million. The Next Generation Internet ETF owns a little more than $100 million of Tesla, in comparison.
More on Meta's Threads:
- Read the Cease and Desist Letter Twitter Just Sent Mark Zuckerberg
- Elon Musk Has a Powerful Message For Mark Zuckerberg's Threads
- Linda Yaccarino Defends Twitter as Mark Zuckerberg's Challenger Enters the Ring
Ark's flagship ETF, the Ark Innovation ETF, owns around 145,00 shares of Mark Zuckerberg's Meta, valued at $42.6 million, a fraction of Ark's $967 million holding in Tesla.
Meta's Threads got off to a strong start, adding some 30 million users just a few hours after launching. But the day ended with a cease-and-desist letter sent to Meta on behalf of Twitter, accusing Zuckerberg's corporation of illegally copying Twitter in order to create Threads.
Meta's stock closed at $291.99, falling off the 52-week high of $298.12 it hit on July 5.
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