ARK writes down Twitter stake by 47%

Cathie Wood's ARK Investment Management has written down its stake in Twitter by 47% since Elon Musk took the social-media company private last year, Wood said in an interview.

- Jack Pitcher

"We take fair valuation very seriously and absolutely have had to write that [Twitter] down," Wood said Friday. "The write-down is not representative of our fundamental outlook and belief in the long-term return on investment we believe that it will have for our shareholders." 

Wood is still bullish on Twitter's long-term outlook. She said her fund updates its internal valuations of private companies frequently.

"I would love to get more stock at these price levels actually, but no one wants to let any go. So that tells you something," she added.