Investing
When Cathie Wood Loses, He Wins, and It Started With a Tweet
- Matthew Tuttle’s ETF has surged 61% since its November debut
- Wood’s popular ARKK Innovation ETF tumbled 43% in that span
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The stray tweet stood out: Why not start a fund to bet against Cathie Wood, the star investor who’s been stumbling so hard?
“Holy crap, that’s a great idea,” Matthew Tuttle thought when it crossed his feed last year. His fund that wagers against companies that previously merged with SPACs -- another investment craze of the moment -- had been performing well amid signs that the pandemic economy was losing steam. So Tuttle, 53, figured the time was ripe for a bet against Wood.