Could This Be Why Coinbase Global Stock Kept Falling on Thursday?
Shares of cryptocurrency exchange Coinbase Global (NASDAQ: COIN) were down 6% as of noon ET on Thursday. By contrast, the cryptocurrency market and the stock market were actually slightly up, suggesting a problem specific to Coinbase. And as crazy as it sounds, it could have something to do with a completely unrelated business called Teladoc Health.
Shares of Teladoc Health are down a crushing 48% as of this writing because the company was hit with a greater than $6 billion goodwill impairment charge related to its 2020 acquisition of Livongo Health. This is a beloved stock of Cathie Wood, head of Ark Invest. Indeed, Ark Invest's Ark Innovation ETF had made Teladoc its third-largest position in the fund with a nearly 7% allocation.
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Source Fool.com
