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Cathie Wood thinks former Salesforce CEO Bret Taylor should run Twitter next

Elon Musk has been running Twitter since being forced to go through with his purchase of the social-media company in October.

But Musk's current post is not a permanent position, with the billionaire saying last month he intends to find someone else to run Twitter.

And noted Elon Musk booster Cathie Wood has a potential candidate: ex-Twitter chairman Bret Taylor, who stepped down last week as co-CEO of Salesforce.

Taylor "certainly understands" Twitter, Wood, the CEO and chief investment officer at ARK Invest, said in an interview with Yahoo Finance. "He's an incredible operator. It would be interesting to see him come in."

Wood stressed that she didn’t have any information Musk was talking with Taylor, or that he was a candidate.

"I’m just saying he’s the kind of person I believe Elon Musk is attracted to and will surround himself with at Twitter," Wood said.

Wood’s benchmark ARK Innovation Fund (ARKK) owned Twitter when it was a public company, although it did exit its position in spring 2022. A new ARK Venture Fund (XARKX), which invests in both private and public companies, now has a Twitter stake.

Musk kicked off his tenure at Twitter by slashing staff and exhorting only those ready to be "extremely hardcore" in their work to remain with the company. Many chose to leave instead.

As for Musk's involvement in Twitter, Wood isn’t concerned at this point about Musk’s role at Tesla (TSLA). ARKK holds about three million shares in that company.

"Elon’s main role at Tesla right now is moving it towards an autonomous taxi platform, which I think will happen in 2024," she said. "I think he thinks it will happen next year. I think he’s as focused as ever on that."

Tesla Inc CEO Elon Musk speaks at an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song
Tesla Inc CEO Elon Musk speaks at an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song

Wood also remains confident in Tesla more broadly, even as its shares have slumped more than 50% this year. "Now that supply chains have loosened up, I believe Tesla is going to be at the forefront of being able to drive down costs and prices so that this idea of electric vehicles moving to the mass market is going to start to take root," Wood said.

ARK Invest has been a victim of its out-of-favor growth portfolio this year. ARKK has plunged by more than 60% compared with the 17% pullback in the S&P 500.

A Morningstar analyst published this week found that the performance of her funds destroyed more than $1.3 billion of shareholder wealth over the past decade — without counting that decline this year.

Asked about her recent performance, Wood told Yahoo Finance: "We have never seen a market like this.. I think what's going on now is irrational."

Julie Hyman is the co-anchor of Yahoo Finance Live, weekdays 9am-11am ET. Follow her on Twitter @juleshyman, and read her other stories.

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