Elon Musk has been running Twitter since October when he was forced to acquire a social media company.
But Musk’s current post isn’t a permanent one, and the billionaire plans to find someone to run Twitter last month.
He also pointed out that Elon Musk’s backer, Cathie Wood, has a potential candidate. It’s former Twitter chairman Bret Taylor, who stepped down as co-CEO of Salesforce last week.
Taylor “definitely understands” Twitter, ARK Invest CEO and Chief Investment Officer Wood said in an interview with Yahoo Finance. “He’s an incredible operator. It will be interesting to see him on board.”
Wood stressed that he had no information that Musk was talking to Taylor or that he was a candidate.
“He’s just saying he’s the kind of person that I believe Elon Musk is attracted to and would be with on Twitter,” Wood said.
Wood’s benchmark ARK Innovation Fund (ARKK), which owned Twitter when it was a public company, will exit that position in the spring of 2022. His Twitter stake is now held by his new ARK Venture Fund (XARKX), which invests in both private and public companies. .
Musk began his tenure on Twitter by cutting staff and encouraging only those ready to be “very hardcore” at work to remain at the company. Many chose to leave instead.
As for Musk’s Twitter involvement, Wood isn’t concerned about Musk’s role at Tesla (TSLA) at this time. ARKK owns approximately 3 million shares in the company.
“Elon’s primary role at Tesla now is to transition to a self-driving taxi platform that we believe will come to fruition in 2024,” she said. “I think he thinks it will happen next year. I think he’s as focused on it as ever.”
Wood is also more confident in Tesla more broadly, even though its shares have fallen more than 50% this year. “Now that the supply chain has loosened, I believe Tesla is at the forefront of being able to drive costs and prices down, so this idea of electric cars moving into the mass market will start to take hold,” said Wood. said. He said.
ARK Invest has fallen victim to an unpopular growth portfolio this year. ARKK plummeted more than 60% of his, compared to a 17% pullback for the S&P 500.
A Morningstar analyst released this week found that her fund’s performance has sapped more than $1.3 billion in shareholder wealth over the past decade.
Asked about recent performance, Wood told Yahoo Finance:
Julie Hyman is a co-anchor Yahoo Finance Live, weekdays 9am-11am ETfollow her on twitter @juleshymanWhen read her other story.
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