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Cathie Wood is so bullish on Twitter, she’s written down its stake in the company by almost half.
Her ARK Investment Management has previously predicted Tesla stock would be worth $2,000 per share by 2027, and she has also referred to Elon Musk as a “renaissance man.” Anyway!
“We take fair valuation very seriously and absolutely have had to write that [Twitter] down,” Wood said Friday. “The write-down is not representative of our fundamental outlook and belief in the long-term return on investment we believe that it will have for our shareholders.”
Hm, yes, almost like Twitter was all downside risk, huh?
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