Crystal Mercedes | CNBC
Some called it the “Cathie Wood sell-off.”
At the open Tuesday, the top names owned by Ark Investment Management were the biggest decliners in the market.
Shares of Palantir, Tesla, Roku, Square, Paypal, Teladoc, Baidu, Zillow, Shopify and Spotify were all down big, in many cases by double-digits. All were major holdings in funds like her flagship Ark Innovation ETF (ARKK) and Next Generation Internet ETF (ARKW).
Shortly after the open, her flagship Ark Innovation Fund was down 11%. By 10 a.m. ET, a half-hour after opening, it had already traded more than 8 million shares, a full day’s volume. By midday, it had traded 30 million shares.