(Bloomberg) -- Cathie Wood’s flagship ARK Innovation ETF (ticker ARKK) is feeling the pain of Monday’s crushing drop across global financial markets as it slumps the most since March.
The exchange-traded fund sank as much as 9.1% in a rocky session as key holdings like Coinbase Global Inc., Block Inc. and Palantir Technologies Inc. each lost one-tenth of their value. Monday’s drop is the latest blow to the former high-flying, disruptive tech companies favored by Wood.
ARKK has now tumbled 29% in the first weeks of the year, and is on pace for its worst month since it launched in the fall of 2014, with all 43 members of the ETF losing at least 12% of their value. ARK Genomic Revolution ETF (ARKG) and ARK Next Generation Internet ETF (ARKW), the firm’s next two largest ETFs, have each fallen 27% in 2022.
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