Ark Invest's Cathie Wood is betting on Elon Musk's plans for Twitter: 'If anyone in the US can do this, I think he can'
- Cathie Wood championed Elon Musk as Twitter's CEO and endorsed his plans for the company.
- "If anyone in the US can do this, I think he can," the Ark Invest CEO and tech-stock guru said.
Ark Invest's Cathie Wood talked up Elon Musk as CEO of Twitter, saying she's in favor of his plans to make the social-media platform's algorithm open source.
In a Tuesday interview with Bloomberg, Wood said the Tesla and SpaceX chief is a good fit for the job as he knows how to seek advice and build a good team.
"If anyone in the US can do this, I think he can. I think he'll surround himself with the right business leaders, he's not going to do this himself," she said.
Wood welcomed Musk's plan to make Twitter's algorithm more transparent and move away from human moderators.
"Allowing people to question them is going to be very healthy," she said, adding that she knew many people who quit Twitter because they opposed its censorship policy.
"I actually like what he's doing," Wood said about Musk.
Musk has signaled he might make Twitter's algorithm open source, advocated that the platform should allow greater free speech, and proposed plans to form a "content moderation council."
His plans are much needed according to Wood, who said Twitter "needed to be shaken up."
Wood's bullishness on Musk, however, comes amid growing criticism towards the tech magnate and the changes he's made so far. Just a few days into his role, he announced mass layoffs then appeared to regret his decision and asked some employees to come back. He also introduced a paid blue-check verification plan, then delayed launch on misinformation concerns.
As well as being a Musk fan, Wood is a longtime Tesla bull. In October, her fund loaded up on Tesla shares despite the electric-vehicle company posting poor quarterly earnings.
- I'm a 56-year-old IT worker who got laid off last year and have been unemployed ever since. I have a hunch I'm not finding work due to ageism. How do I prove it?
- Germany relaxes Schengen visa rules for Indians
- Kanye West says he's selling Balenciaga, Adidas, and Gap hoodies for $20 after the companies all cut ties with him
- Revenge spending effect: Household savings dip to 5 -year low
- With no signs yet of inflation cooling, experts predict more rate hikes
- Covid hit mental health of kids, young people harder than thought
- Smog envelops Delhi, AQI remains in 'very poor' category
- Egypt president to be chief guest at Republic Day celebrations