Cathie Wood says battered SpaceX could become 'most important company in global history'
Cathie Wood continues to defend her firm's position in SpaceX despite recent market volatility. The ARK Invest CEO maintains that the aerospace company stands to become the most important business in global history. This bullish outlook comes even as the stock trades down significantly from its peak value and faces a pending share unlock for investors.
During a recent appearance on Mornings with Maria, Wood highlighted the unique value proposition SpaceX offers. She points to the firm's launch capabilities and its development of a global communications network as key drivers for this long-term growth. Wood believes these infrastructure developments will redefine how telecommunications function on a global scale.
SpaceX currently trades around $123.50 per share, which represents a decline of nearly 47 percent from its previous high. This drop has moved the company down to eighth place in terms of total market capitalization. Despite the slide, ARK Invest recently directed 80 million dollars into the company.
Elon Musk recently cautioned short sellers regarding their potential financial outcomes. The founder noted that the survival probability for firms holding significant short positions against the company is low. Wood continues to highlight the ability of Musk to integrate operations across his various ventures as a reason for her confidence in the stock.