ARK Innovation or Tesla? The biggest loser is….? | Forexlive
Cathie Wood or Elon Musk?
ARK Innnovation or Tesla?
At the start of 2022, the Elon Musk and Cathie Wood the mastermind of the ARK Funds were heroes in the minds of many – especially the Reddit crowd.
However, their stars were tarnished with each losing loads and loads of value in their respective stocks and investment endeavors.
For Cathie Wood she runs the ARK family of funds whose ARK Innovation ETF was a hot commodity in the run up from the March 2020 covid low.
Looking at the ARKK ETF price it moved from a low of $33 in March 2020, to a high of $159.70 at its peak on February 16, 2021. Since then, the price has moved sharply to the downside and in trading this week, the price is cracking below the March 2020 low. The price reached a new 2022 low of $31.46 today. For the calendar year the stock has declined 66.6%. Ouch. That is a cruel number.
For Tesla, Elon Musk’s company has suffered from increased competition and his Twitter purchase which tarnished his Midas Touch reputation. This time, he let his mouth and ego get in the way (arguably) when he made an offer for the media platform. To finance the purchase he had to sell billions of his own Tesla stock, added to it’s already vulnerable downside trend.
Looking at Tesla’s stock price, it is trading to new lows for the year and is back to November 2020 levels. For the year it is down -62.3%. It reached a peak of $414.50 in November 2021 and traded to a new 2022 low today at $126.28.
So the winner for the worst of the old best is Cathie Wood and the ARK Innovation Fund at -66.6% with Elon Musk and Tesla not far behind at around -62%.
PS. One of the largest holdings in the ARK Innovation funds was TSLA.
My guess is both Elon and Cathie will be happy to say goodbye to 2022 in a few short days and toast to a better 2023.