On Twitter, Elon Musk and Cathie Wood are known to have openly supported each other's ideas.
What Happened: On Friday, Wood cited Musk's tweet about how moving closer to truth will earn the social media platform the trust of people and said ARK agrees with the idea. She said that pursuing truth requires transparency, honesty, and openness.
ResearchARK agrees that truth will earn the trust of the people. The truth requires transparency, honesty, and openness. It will help defuse FUD - fear, uncertainty and doubt - and ultimately build trust, Wood said.
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Wood's ARK is an investor on Twitter. The social media firm is listed as a private investment company on the Ark Venture Fund. The Ark Venture Fund is a closed-end fund that allows investors to put their money in private companies that are held in the fund.
Why It Matters: This is not the first time that both Musk and Wood have supported each other's ideas.
In early October, when Wood expressed his skepticism about the auto debt market, explaining how a fall in gas-powered autos could lead to serious losses, Musk replied to her tweet, which he fully agrees with.
Wood is also known as a big Tesla Inc. TSLA bull. In the second week of November, ARK Investment Management bought over 39,000 shares of the EV maker at an estimated valuation of over $7 million.
The ARK Innovation ETF is the second largest holding of the flagship fund, the Tesla, with a weight of 7.81%.
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