- Cathy Wood has supported Elon Musk as CEO of Twitter and his plans for the company.
- “If someone in America can do it, I think they can,” said the Arch Invest CEO and tech-stock guru.
- Critics have criticized Musk as he overhauls the social media platform he bought this year.
Arch Invest’s Cathy Wood talks to Twitter CEO Elon Musk and says she is in favor of his plans to open source the social media platform’s algorithms.
In an interview with Bloomberg on Tuesday, Wood said the Tesla and SpaceX chief is well suited for the job because he knows how to take advice and build a good team.
“If anyone in America can do it, I think they can. I think he’ll surround himself with the right business leaders, he’s not going to do it himself,” she said.
Wood welcomed Musk’s plan to make Twitter’s algorithms more transparent and move away from human intermediaries.
“Allowing people to question them will be very healthy,” she said, adding that she knows several people who have left Twitter because they protested the censorship policy.
Wood said of Musk, “I really like what he does.”
Musk has indicated he could open source Twitter’s algorithm, advocated that the platform allow for more free speech, and proposed plans to create a “content moderation council.”
Their plans are much needed, according to Wood, who said Twitter “needs a shake-up.”
Wood’s bullish on Musk, however, stems from growing criticism of the tech mogul and the changes he’s made to date. Within days of being hired, he announced massive layoffs and then seemed to regret his decision and asked some employees to come back. They also introduced a paid BlueCheck verification plan, then delayed its launch due to misinformation concerns.
In addition to being a fan of Musk, Wood is a longtime Tesla bull. In October, his fund loaded onto Tesla stock despite the electric vehicle company’s poor quarterly results.