Cathie Wood bumps Elon Musk’s Tesla for Roku as ARKK’s top holding
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Elon Muskâs Tesla (NASDAQ:TSLA) has taken a backseat to ROKU (NASDAQ:ROKU) in Cathie Woodâs flagship ARK Innovation ETF (NYSEARCA:ARKK). The famed disruptor-focused investor no longer has TSLA as its top holding, a position it has held since 2017.
As of Thursdayâs close, ARKKâs records show that the fund has an 8.38% weighting in ROKU and 8.21% weighting in TSLA. ROKU shares in ARKK now have a market value of $716.5M compared to TSLA, which has a market value of $701.9M.
Wood and ARK Invest have slowly been selling shares of TSLA drip by drip over the past year. According to Bloomberg data, ARKK possessed nearly 1.59 million shares of TSLA at the end of March, down from the approximately 5.79 million shares it held a year earlier.
After enduring a major downturn through most of 2022, ARKK has seen a pop recently. The ETF has risen 20% since May 12, when it hit a 26-month low.
While ARKK has gained ground over the past week, the fund is still down big on the year. In 2022, ARKK has plunged 56.3% due in part from its top holdings ROKU and TSLA. Year-to-date ROKU has collapsed 58.9% and TSLA has plummeted by 41.8%.
Daily price action: ARKK -3%, ROKU -3%, and TSLA -6%.
In related news, as Muskâs EV giant got the boot from the S&P 500's ESG Index, Wood responded with a short and sweet message through Twitter: "Ridiculous. Not worthy of any other response."