Arm's IPO was the largest since 2021, with shares soaring 25% on its first day of trading, valuing the company at about $65 billion. However, the company's value has since dropped to $53.5 billion. Arm's technology is used in more than 90% of smartphones, with about 70% of the world's population using Arm-based products. The news of Wood's non-participation in the IPO comes after Ark Invest sold Tesla shares worth $8.4 million.
Key takeaways:
- Arm made its market debut last week, marking the biggest IPO in the US since late 2021.
- Ark Invest's CEO, Cathie Wood, did not participate in Arm's $55 billion float, citing overvaluation compared to its competitors.
- Arm's shares soared 25% on its first day of trading, leaving it worth about $65 billion, but has since lost value and closed Thursday valued at $53.5 billion.
- Ark Invest offloaded Tesla shares worth $8.4 million this week.