Cathie Wood's Arkk Fund Dumped Nvidia Just Before Historical Bull Run
Ark Invest, through the ARK Innovation ETF (ARKK), an investment vehicle founded and managed by prominent money manager, Cathie Wood has been shown to dump the shares of technology giant, NVIDIA back in January before the historic bull run being printed by the firm. As shared by crypto insights provider, WhaleWire, recent filings lodged with the United States Securities and Exchange Commission (SEC) confirmed the selloff.
JUST IN: SEC Filings show Cathie Wood’s $ARKK fund dumped all of its stake in Nvidia in January, just before the company surged over $560 billion. pic.twitter.com/ZYXZ8ceN53
— WhaleWire (@WhaleWire) May 25, 2023
NVIDIA has been the center of attraction in both the tech world as well as on Wall Street for its impressive price jumps over the past few days.
As a company involved in the design and manufacture of computer components, its growth became even more pronounced after it printed a 24.52% growth in late trading on Thursday to peg its share price and market capitalization at $380 and $940 billion respectively.
Ark Invest has missed out on this parabolic price run drawing on the data gleaned from the shared SEC filing. While it remains unclear whether the company has some additional holdings in NVIDIA after the January selloff, a failure to be a part of the company’s current run is being judged by the community as one of the biggest losses in recent times.
Ark Invest and Innovation Pursuit
Cathie Wood became popular as a celebrity investor because of her strategic stock picks which later go on to become mega stocks. The company is known as a major backer of Elon Musk’s electric vehicle company, Tesla Inc, as well as a consistent accumulator of the shares of American cryptocurrency trading platform, Coinbase Global Inc.
Investment and trading involves seizing opportunities and capitalizing on them so as to drive massive earnings for investors. Cathie Wood, through the ARK Innovation ETF and other funds remains one of the biggest backers of some of the flagship Web3.0 companies, even in this period of gloom.
Cathie Wood is also an advocate of Bitcoin (BTC), the premier cryptocurrency that is inspiring a whole new financial order that blockchain technology is introducing. While she might have missed out on the current NVIDIA run, she remains confident on the other stocks in her portfolio, some of which have many growth innovations up their sleeves.
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