Cathie Wood Keeps Buying SpaceX Stock. Here's Why I Wouldn't Buy It Above a $1.8 Trillion Valuation.
Cathie Wood's Ark Invest has been buying SpaceX since its June 12 IPO. Should you follow suit?
Overview
When Space Exploration Technologies Corp. (NASDAQ: SPCX) went public on June 12 in the largest initial public offiering (IPO) in history, there were so many investors vying for shares that the stock finished the day above $160, despite its initial pricing of just $135.
One of those buyers -- a big one -- was tech investor and longtime Tesla bull Cathie Wood. Her firm, Ark Invest, picked up SpaceX shares across four of its exchange-traded funds (ETFs) on IPO day and has continued to buy since.
Details
According to Wood, SpaceX "could become the most important company in history." That's quite an endorsement, even from an investor like Wood who's never shied away from bold predictions.
Source
Originally published at www.fool.com.