Ark Invest founder and CEO Cathie Wood achieved a key social media milestone ths week that was noticed by none other than Elon Musk, the flamboyant CEO of Tesla, Inc. (NASDAQ: TSLA).
What Happened: Wood’s Twitter following has swelled to 1 million thanks to her astute investments in high-profile names such as Tesla.
She has come to wield such clout that purchases and disposals by her fund possess the potential to move stocks. Apart from Tesla, Ark, through its seven major ETFs, has exposure to innovation, autonomous technology and robotics, internet, genomics, fintech and 3D printing.
The firm’s flagship ETF — the ARK Innovation ETF (NYSE: ARKK) — clocked in astounding returns of over 152.71% in 2020. The performance of the ETF has suffered this year, primarily due to Tesla, which accounts for 10.14% of the holdings.
Wood commented on the milestone in a Tweet:
Ark Invest was established by Wood in New York in 2014.
When we started @ARKInvest I understood the ‘power of social media’, yet little did I know how profoundly it would impact our business. I’m grateful for the entire ARK team, ecosystem of thought leaders, & all who have supported us. In my view, our journey has just begun! https://t.co/WFXkKk7Tq0
— Cathie Wood (@CathieDWood) July 22, 2021
Musk’s Pat On The Back: Musk was quick to offer his congratulations to the staunch Tesla backer in a briefly worded tweet.
— Elon Musk (@elonmusk) July 22, 2021
Tesla shares are still rangebound and not moving the way Wood would like them to. The second half of the year holds the key to whether the Ark Invest team can make up for the lackluster showing in the first half.
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