June 28, 2022

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Tesla loses first place in Cathy Wood's box - E24

Tesla loses first place in Cathy Wood’s box – E24

Tesla has been the biggest position in the leading Cathy Woods fund since 2017, according to Bloomberg. Now that has changed.

Cathy Wood directs the Board of Directors of Ark Invest.
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Wall Street Profile Cathy Wood runs the ARK Innovation-listed tech fund.

In that fund, Tesla has been the largest investment measured by market value for four and a half years, according to figures obtained by Bloomberg.

But Tesla has pulled back hard on Wall Street so far this year. The stake has fallen 33 percent since the new year, the news agency reported, and Arc Innovation’s stake now stands at $703 million.

That means electronics maker Roku has taken the top spot, with ARK stock now worth $717 million.

Roku is a much smaller company than Tesla, with a total market capitalization of $13.2 billion. Tesla is worth more than $730 billion.

The fund has sold itself consistently in Tesla, disposing of stock in every quarter for the past 12 months. She now owns approximately 1.59 million shares in Tesla, down from 5.79 million last year, according to Bloomberg.

Like Tesla’s share, ARK Innovation has also fallen sharply – 55 percent – so far this year.

At the same time, it has stormed stock markets at times, and on Wall Street the broad S&P 500 is down 18 percent since the new year. But the worst was technology stocks, and the Nasdaq fell more than 27 percent in the same period.

This decline comes as global central banks tighten monetary policy, and the market is facing a period of high interest rates. It often affects technology stocks and growth, which depends on future income being offered.

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