Tesla Drops To Number 2: Is Cathie Wood's Ark Invest Losing Confidence In Its Favorite Stock?
Tesla (TSLA) stock has been going downhill since peaking in early November 2021.
The weakness has intensified further after chief executive officer Elon Musk announced a passive stake in Twitter (TWTR) and followed it up with an offer for the social media giant.
Amid the stock weakness, as an unintended consequence, Tesla's weighting in Cathie Wood-run Ark Invest's flagship ARK Innovation ETF (ARKK) has fallen to the second position. Tesla's weighting in the ETF is currently at 8.21%, and in monetary value the stake is at $702 million. According to her Ark Invest website, the streaming service provider now makes up nearly 8.4% of her Ark Innovation exchange traded fund, versus just over 8.2% for Tesla and other major holdings like video conferencing provider Zoom.
Fed Starts Experiment of Tackling $8.9 Trillion Portfolio to Shrink
According to Bloomberg, the U.S. Federal Reserve is about to start shrinking its $8.9 trillion balance sheet, deploying a second tool alongside higher interest rates to curb inflation, though officials don’t know just how effective it will be.
Lululemon: Premium Brand, Premium Priced
For consumer discretionary products, brand equity is the key to gain multiple benefits such as pricing power, worth-of-mouth marketing and sales volume.
The Federal Reserve Means Business when it Comes to Tightening Monetary Policy
After raising its benchmark interest rate by half a percentage point earlier this month
