Daniel Loeb, the billionaire founder of the hedge fund Third Point, took toTwitter 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 Exchange Traded Fund.
There is a woman at the conference.
Wood's recent note defending "underlying profitability of ARKK's portfolio companies" should be used as a "treatment to study the mindset of stonk hodlers."
In the memo, Wood railed against long-trusted stockFundamentals and used some dubious accounting to claim three times more of companies held by ARKK are profitable, suggesting some marketing costs and all research and development expenditures should not count against the profitability measures of "truly innovative companies."
Wood commented on luddites who looked at archaic measures of value like cash flow as short term traders.
The S&P 500 and the tech-laden Nasdaq have both lost 32% of their value this year. Four of the five largest holdings are down more than 50% in the next two years. He disclosed earlier this month that he had taken a stake in Bath & Body Works. The stock is down more than 40% so far this year and shares are down 3.4% since Third Point announced its investment.
Forbes has a real-time billionaire tracker that tracks the worth of billionaires. Forbes put Wood's worth at $140 million in June, down from $400 million in 2011. Third Point has more assets under management than Ark Invest.
In the months leading up to Musk's takeover of the company, Third Point bought more than 5 million of the company's stock. The electric vehicle titan has had a poor stock performance due to Musk's devotion to the social networking site.
The billionaire blasted the woman for her mentality.
Ark Invest CEO Cathie Wood's net worth was slashed as tech bets soured.
It was a billion dollar windfall for these 13 hedge funds, according toForbes.
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