(Bloomberg) — Cathie Wood’s Ark Investment Management has announced that it holds a stake in Silicon Valley artificial intelligence darling OpenAI.
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In an email to clients Thursday, Ark said, “As of April 10, 2024, the ARK Venture Fund invests in OpenAI,” referring to its $54 million VC fund. “OpenAI is at the forefront of a Cambrian explosion in artificial intelligence capability,” the tech-focused firm said in the note.
Launched in September 2022, the closed-end Ark fund invests in both public and private firms — including Elon Musk’s SpaceX, Epic Games Inc., Freenome Holdings Inc. and Relation Therapeutics.
OpenAI has raised huge sums of money, most of it from Microsoft Corp. which has put in $13 billion. The company has also allowed some employees to sell shares via a so-called tender offer at an $86 billion valuation. Ark didn’t disclose how it had invested in OpenAI.
Cathie Wood’s most famous vehicle, Ark Innovation ETF, catapulted to fame during the height of the pandemic after making big bets on the likes of Tesla Inc. This year, the exchange-traded fund has stumbled following a decline in the share price of the electric carmaker.
OpenAI didn’t immediately provide a comment.
–With assistance from Rachel Metz.
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