And to note, Musk is going against the trend. Ark, the tech permabull, reduced its Twitter position. Cathie Wood just said she started selling after @jack stepped down as CEO. Interesting times.
Here is the yearly performance for every single fund that Ark is running. Keep in mind that some of them have existed for barely a year if that, but the point still stands.
ARKK (ARK Innovation ETF) - 54% down.
ARKW (ARK Next Generation Internet ETF) - 50% down.
ARKG (ARK Genomic Revolution ETF) - 53% down.
ARKQ (ARK Autonomous Tech. & Robotics ETF) - 25% down.
ARKF (ARK Fintech Innovation ETF) - 53% down.
ARKX (ARK Space Exploration & Innovation ETF) - 18% down.
I am not trying to attribute such performance exclusively to poor decisions, not at all. There is definitely a good amount of unforeseen circumstances that drove ARK ETFs down. But it is difficult to consider ARK's actions as a good source of predictions for tech companies they get involved with, given that 4 out of 6 of their funds are over 50% down in a year, and the rest are still down by a significant amount.