Catherine Wood, the founder of ARK Investment Management in New York, has openly blamed Elon Musk, the CEO of Tesla, Inc., for the recent drop in bitcoin stock prices. With a combined value of nearly $6 billion, Wood owns significant stakes in Square, Inc. and Tesla, Inc. According to regulatory filings with the US government, she has been focusing on software-related growth stocks in recent months. In the recent quarter, ARK Investment raised its holdings in software platforms such as Shopify and Zillow Group. Wood is bullish on the cryptocurrency market, particularly growth stocks. Her portfolio is heavily weighted in technology stocks, which helped her earn a 152 percent return last year. She also stated that she predicted deflation in the event of a commodities price collapse. It remains to be seen whether Wood is correct in her assessment of growth stocks such as cryptocurrency and software.
Here is Insider Monkey’s list of the 10 best software stocks to buy according to Cathie Wood. Sea Limited is a Singapore-based holding corporation best known for operating the Shopee e-commerce platform. Over the last year, sea stock has returned more than 244 percent to investors. ARK Investment has more than 3.1 million shares worth $707 million in the company. Sea is involved in digital entertainment and financial services on a global scale. Pure Storage, Inc. is a California-based firm that specializes in data storage management hardware and software. Over the last year, the company’s stock has returned more than 13 percent to investors. ARK Investment has roughly 32 million shares in the data storage company, valued at $708 million, accounting for 1.4 percent of their portfolio. Unity Software Inc. is a software company based in California that was created in 2004. According to Cathie Wood, it ranks eighth on the list of the top ten software stocks to purchase. ARK Investment has approximately 8 million shares in the software company, valued at over $812 million. Twilio Inc. is a cloud-based communications company situated in California that was formed in 2008. According to Cathie Wood, it is ranked seventh on the list of the top ten software stocks to purchase. Twilio stock has returned more than 76 percent to investors in the last year. ARK Investment has approximately 2.7 million shares in the company, valued at approximately $932 million. Zoom Video Communications, Inc. is a communications technology firm based in California that was created in 2011. According to Cathie Wood, it ranks sixth on the list of the top ten software stocks to purchase. ARK Investment has $964 million worth of shares in the communications technology company. For companies that top this list, click 10 Best Software Stocks to Buy According to Cathie Wood.
