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Cathie Wood, the prominent investor and CEO of ARK Invest, has completely divested her flagship fund, ARKK, from Zoom Video Communications (ZM) stock. At its peak, Zoom comprised over 10% of ARKK's total holdings, with Wood's average cost basis at $280 per share. The stock is currently trading at approximately $67. This decision comes despite Wood's previous prediction that Zoom would trade well over $1,500 by 2026. The divestment resulted in significant losses for ARK Invest, with estimates suggesting hundreds of millions of dollars lost. Following the announcement, Zoom shares rose by 12%. ARK's trading disclosure showed the firm sold 424 Zoom Video shares.
Cathie Wood's Flagship Fund $ARKK Dumps $ZM. Trading disclosure from Ark on Tuesday showed the firm sold 424 Zoom Video shares it held and as a result, the proportion of the stock dropped to 0.0004% of the ETF’s holding. Ark now holds Zoom shares through $ARKW, with the fund… https://t.co/mAypObuiKw
Cathie Wood $ARKK sold completely out of $ZM Zoom stock yesterday. At the peak, this name was over 10% of her total holdings. Her average cost basis was $280. The stock is currently at $68. https://t.co/v8j09WuDdj
$ZM Cathie Woods: Zoom will trade well over $1,500 by 2026. Also Cathie Woods: Closes out entire Zoom position at $67 today. Her cost basis was $280. https://t.co/Lg4u8QibtH
