Tesla loses top spot in Cathie Wood fund – E24

Wall Street profile Cathie Wood manages the listed technology fund ARK Innovation.

In this fund, Tesla has been the largest investment measured by market value for four and a half years, according to figures obtained by Bloomberg.

But Tesla has fallen heavily on Wall Street so far this year. The share is down 33 percent since the new year, and ARK Innovation’s share is now worth 703 million dollars, according to the news agency.

This means that the electronics manufacturer Roku has taken over the top position, where the ARK share is now worth 717 million dollars.

Roku is a significantly smaller company than Tesla, and has a total market value of $ 13.2 billion. Tesla is worth more than 730 billion dollars.

The fund has constantly sold itself down in Tesla, and has got rid of shares in every single quarter for the past 12 months. It now owns close to 1.59 million Tesla shares, down from 5.79 million a year ago, according to Bloomberg.

Like the Tesla share, ARK Innovation is also down sharply – 55 percent – so far this year.

At the same time, it has at times stormed the stock markets, and on Wall Street the broad S&P 500 index is down 18 percent since the new year. The worst, however, has been the technology shares, and Nasdaq has fallen more than 27 percent in the same period.

The decline comes as the world’s central banks tighten monetary policy, and the market is facing a period of higher interest rates. It often affects technology and growth stocks, which depend on income that is presented in the future.

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