Topline
Daniel Loeb, the billionaire founder of the hedge fund Third Point, took to Twitter Wednesday to criticize famed investor Cathie Wood for her investing strategies, piling onto recent pushback against Wood, who rose to fame for her signature, tech-heavy Ark Innovation ETF’s historical performance against the market but has famously tanked in 2022.
Key Facts
Wood’s recent note defending “underlying profitability of ARKK’s portfolio companies” should be used as a “treatise to study the mindset of stonk hodlers,” Loeb wrote, classifying Wood among retail investors who cashed in on meme trading, often intentionally misspelling stocks as “stonks” (Loeb took the liberty of also misspelling holders to complete the phrase stock holders).
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