Business Maverick: Cathie Wood Thanks Musk for Twitter Deal Despite Tesla Stock Hit

Shares of Tesla have dropped by 10% over the past two days as Musk plans to use stock in the electric-car maker as collateral for a loan financing the takeover. Tesla was the biggest holding in Wood’s Ark Innovation and Ark Next Generation Internet ETFs at the end of last week, making up 10.1% and 9.6% of their assets, respectively, according to data compiled by Bloomberg.

Wood also missed out on some of the gains from the Twitter acquisition after cutting ARKW’s stake in the social-media company from 5.3% of the fund at the end of last year to 1.7% by April 1, the last business day before Musk disclosed that he’d become Twitter’sWhen asked if Ark will now buy Twitter, a spokesperson said the company doesn’t comment on daily trades.

The firm’s innovation-themed funds have already been under pressure from rising interest rates, which have weighed on the valuations of growth stocks particularly hard. ARKK has fallen 45% this year, while ARKW has dropped 42%.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Business Maverick: Twitter Eyes Deal With Musk as Soon as MondayTwitter Inc. is in the final stretch of negotiations about a $43 billion sale to Elon Musk that could rank as one of the biggest-ever leveraged buyouts of a listed company, people with knowledge of the matter said.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »

Business Maverick: Musk Is the ‘Singular Solution I Trust’ for Twitter, Dorsey SaysTwitter Inc co-founder Jack Dorsey said that the only solution he trusts for the platform is world’s richest man Elon Musk, after the Tesla Inc. chief reached a deal to buy the social media company for roughly $44 billion.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »