Tesla stock's historic decline drags ARK Invest's flagship fund to new 5-year lows
is starting to feel the pain of the electric vehicle maker's brutal 2022 declines.
Cathie Wood's Ark Invest saw its flagship innovation ETF fall as much as 2% on Tuesday, hitting a new five-year low. TheBack then, the ARKK ETF had assets under management of just under $100 million. Today, ARKK has total assets under management of $6.7 billion.Tesla stock has wiped out nearly $800 billion in market value since the start of the year, according to data from YCharts. Meanwhile, the stock is down 66% from its November 2021 high, representing its worst drawdown on record.
Every single one of ARKK's 30 holdings printed negative gains in 2022, with the best performing position down 24%. she has added about 100,000 Tesla shares to the ARKK fund since last week. And to that effect, retail investors don't seem to be giving up on Cathie Wood. Net fund flows into the ARKK ETF are hovering around $1.5 billion since the start of the year, according to data from VettaFi.
The the net fund inflows into the ARKK ETF can't mask the pain that investors have suffered over the past two years, as the ARKK ETF has fallen 80% from its February 2021 high, erasing more than $20 billion in assets.
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