Cathie Wood ofArk Invest saysmeme stocks are "dinosaurs."Robinhood is the closest company to a meme stock Ark Invest has ever owned, Wood said.
Ark Invest's Cathie Wood compared meme stocks to an extinct species Thursday during a conference.
The superstar investor called the stocks - which include companies such as
"I guess the only one people might consider a meme stock that we own, or have ever owned, is Robinhood," she said. Wood did not immediately respond to Insider's request for further comment on the matter.
Meme stocks received their name in January after an army of retail traders mobilized on
Wood, the founder and chief executive officer of Ark Investment, said instead her firm is looking for the next FAANG stock, like Alphabet's Google or Apple, Bloomberg reported.
Her firm's popular flagship fund, the Ark Innovation ETF, is largely focused on tech stocks. Wood has garnered a cult-like status on Wall Street after her firm outperformed amid a turbulent market in 2020, but year-to-date, the fund is down about 9% as $4.
Wood has backed other favorites among retail traders aside from memes, though. Last month, she cashed in on hundreds of millions of dollars after selling $4 as the EV-maker rallied. She has said previously she likes taking profit amid a company's stock gains and buys on price dips.
Wood has also been vocal about her bullish stance on
Wood $4 for a bitcoin ETF of her own this week called the ARK 21Shares Bitcoin Futures Strategy ETF, which will carry the ticker ARKA.
Read more: $4