Elon Musk has won over at least one Twitter Inc. skeptic with his acquisition of the company.
Cathie Wood now holds a small slice of the newly private company in her ARK Venture Fund and is looking to own more, she said in an interview with Bloomberg TV Wednesday. The fund launched in September and targets harder-to-trade assets.
“Right now we’re very small, but over time, we would like Twitter to be a larger holding,” she said. While she doesn’t recall the precise number, she said about $1 million of the fund was invested in Twitter.
Cathie Wood (Bloomberg)
Wood has been a long-time fan of Musk, and Tesla Inc. is among the biggest holdings in her flagship Ark Innovation ETF (ticker ARKK). Earlier this year, exchange traded-funds managed by Wood’s ARK Investment Management had sold much of their Twitter positions. Wood had said her firm’s confidence in the social media company “was nicked a bit as we saw some of the censorship issues and controversies.”
But she now sees the potential for Musk to build Twitter into a “super app” that includes payment and banking capabilities, she said in a panel at the Web Summit in Lisbon earlier Wednesday.
“He and Jack Dorsey working together I think could turn this into a super app,” she said, referring to Musk and Twitter’s founder, who were in communication as Musk worked on the takeover. “I think they have a good shot.”
--With assistance from Sam Potter.
This article was provided by Bloomberg News.