/Cathie Wood’s ARK funds bought 1.3 million shares of Twitter as the stock plummeted 15%

Cathie Wood’s ARK funds bought 1.3 million shares of Twitter as the stock plummeted 15%


Cathie Wood
Cathie Wood is the founder, CEO, and CIO of ARK Investment Management.

Cathie Wood’s Ark ETFs snapped up more than a million Twitter shares during the worst trading week for the social media company since last October.

On April 30, the star stock picker’s funds bought 1.3 million shares of Twitter, with 843,194 shares purchased by the Ark Innovation ETF (ARKK) and 468,256 shares snapped up by the Ark Next Generation Internet ETF (ARKW), according to daily trading updates from the funds. The shares are worth about $71.2 million as of Monday afternoon.

Both funds have a combined net asset value of roughly $29 billion, according to website.

The social media giant on Friday tumbled as much as 15%, declining for the fifth straight session after its first-quarter earnings report missed analyst estimates.

Twitter is trading lower by 0.91% to %54.74 as of 3:00 p.m. ET.

Wood had a banner year in 2020, earning her a cult-like following in the industry. Her funds have delivered eye-popping returns with her flagship fund up more than 150% in 2020.

This year has been slower for Wood, though. ARKK is down by 2.07% year-to-date while ARKW is up 2.49%.

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