Cathie Wood has written down Twitter stake by 47%
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Cathie Wood (CEO and CIO of Ark Invest) and her team have written down their stake in Twitter (TWTR) since Elon Musk acquired the social media platform and took it private. Wood said she had written it down by 47%.
"We take fair valuation very seriously and absolutely have had to write that [Twitter] down," Wood said per The Wall Street Journal. She added: "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."
Wood still claims to be bullish on the social media platform and its overall long-term stance. Currently, Ark Invest owns a small percentage in Twitter through its ARK Venture Fund, a fund that offers investors access to what it believes are the most innovative companies throughout their private and public market lifecycles.
Wood also said: "I would love to get more stock at these price levels, actually, but no one wants to let any go. So that tells you something."
Wood is not the only asset manager to write down its stake in Twitter. Fidelity Investments also did as well, according to a filing in April where it valued Twitter at roughly one third of what Musk paid for the company.
The news comes as Twitter is also facing its latest round of competition from Meta Platforms' (META) Mark Zuckerberg who recently launched Threads, a new short-posting text app.
Year-to-date price action on Woodâs actively managed ETF suite of products:

ARK Innovation ETF (NYSEARCA:ARKK) +63.6%.
ARK Next Generation Internet ETF (NYSEARCA:ARKW) +76.8%.
ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) +45.8%.
ARK Genomic Revolution ETF (BATS:ARKG) +34.8%.
ARK Fintech Innovation ETF (ARKF) +68.2%.
ARK Space Exploration & Innovation ETF (ARKX) +25.7%.

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