Cathie Wood's 2 Biggest Positions Are Both Elon Musk Companies. Together They Are 16% of the Fund.
On Friday, one of them drove more than half of the fund's decline.
Overview
Shares of Tesla (NASDAQ:TSLA) fell 5.92% on Friday, after the company's invite-only Cybercab launch event left investors underwhelmed and federal safety regulators opened an audit query into the new robotaxi. Cathie Wood's ARK Innovation ETF (NYSEMKT:ARKK) slipped 1.06% the same day.
Those two moves are more connected than they look. Not only is Tesla the fund's biggest position, but the second-biggest position, SpaceX (NASDAQ:SPCX), answers to the same CEO. SpaceX fell 1.2% on Friday, too.
Details
Together, the two Elon Musk companies make up about 16% of a fund with 47 holdings.
Source
Originally published at www.fool.com.
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