Jim Cramer Blasts ‘Kiss of Death’ Cathie Wood After Her Fund Plummets by 76%: ‘She’s Awful’

Jim Cramer laid into Cathie Wood on Thursday morning after the famed investor announced she is doubling down by scooping up more than half a million more shares of Coinbase (COIN), which has plunged by about 40% since May 4 and 85% in the last six months.

Wood informed investors she bought 546,579 shares in the company sprinkled across three of her funds, with the bulk going to her flagship ETF, Ark Innovation (ARKK). That fund has plummeted 76% since reaching its all-time high in February 2021.

Coinbase’s latest downward move coincides with a crash in Bitcoin. The cryptocurrency exchange platform announced poor earnings on Wednesday. Making matters worse was a fine print statement in its report telling investors that their assets may not be protected in the event the company goes bankrupt.

On Thursday, Cramer responded to Wood buying more Coinbase, as well as her purchase of shares in General Motors (GM).

“The double down was so gratuitous,” he said. “I think that Cathie Wood is the kiss of death. I think the Coinbase call was embarrassing. They act as if there’s nothing wrong.”

Later in the segment he called her “awful”:

It really is true that Cathie Wood is the kiss of death. And you know, usually you don’t want to say that, but I think you have to throw out all the bromides and really speak truthfully here because the viewers deserve it. She’s awful.

Cramer was reiterating his reaction to news that Wood’s Autonomous Technology & Robotics fund (ARKQ) bought shares of GM, which the investor had shunned in favor of Tesla Motors (TSLA). Tesla had helped pad Wood’s returns given its status as her largest holding.

oh my, like the GM kiss of death, Cathie Wood buys another 550,000 Coinbase….

— Jim Cramer (@jimcramer) May 12, 2022

Later, Cramer hit Wood again, stating, “Look, the amount of homework she’s doing is unrivaled in terms of how little.”

Speaking more broadly about the recent market downturn, Cramer stated the pain likely isn’t over.

“We’ve had bottoms where they wiped out 330 new companies that became public between 1990 and 2000,” he said. “There has to be more destruction. We had a 2018 bottom, but that was with the S&P at 13 times earnings, 16 to 17 times earnings. So we’re still a little too high, but the panic’s pretty thick.”

Watch above via CNBC.

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