Cathie Wood and Elon Musk are known to have openly supported each other’s ideas on Twitter.
What Happened: On Friday, Wood cited Musk’s tweet about how moving closer to truth over time will earn the social media platform the trust of people and said that ARK agrees with the idea. She also highlighted that pursuing truth requires openness, honesty, and transparency.
“@ResearchARK agrees that truth will earn the trust of the people. Pursuing the truth requires openness, honesty, and transparency. Pursuing the truth will defuse FUD — fear, uncertainty, and doubt — and ultimately build trust,” Wood said.
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Wood’s ARK is an investor in Twitter. The social media firm is listed as a private investment company in the Ark Venture Fund on its website. The Ark Venture Fund is a closed-end fund that allows investors to put their money in private companies held in the fund.
Why It Matters: This is not the first time both Wood and Musk have supported each other’s notions.
In early October, when Wood expressed skepticism about the auto debt market, explaining how a fall in the residual value of gas-powered autos could lead to serious losses, Musk had replied to her tweet, indicating he fully agrees with the notion.
Wood is also known to be a big Tesla Inc. TSLA bull. In the second week of November, ARK Investment Management bought over 39,000 shares of the EV maker at an estimated valuation of over $7 million.
Tesla is the second largest holding of ARK’s flagship fund, the ARK Innovation ETF, with a weight of 7.81%.
Image and article originally from www.benzinga.com. Read the original article here.