Cathie Wood's bought more than 1.1 million shares of Twitter after the stock fell
After Twitter's stock price dropped following an announcement of CEO Jack Dorsey's resignation, investment fund Ark Invest bought more than 1 million shares of the company.
Cathie Wood, the fund's founder, made no comment on such a decision. Her actions came to light thanks to the company's data published on the website. Three funds bought Twitter shares: Ark Fintech Innovation ETF, Ark Next Generation Internet ETF, and Ark Innovation ETF. The total number of shares was 1,112,372, and the total share weight in all funds was 7.72%. The total purchase price amounted to just over $48 million.
Just to remind you, since the announcement of the CEO's resignation, Twitter's shares first gained 11% and then fell by 6.7% over the first two days of trading on November 29-30. According to Bloomberg, this was because the CEO's resignation marked the end of an entire era. Even though Twitter's stock rose by 75% in six years, his performance is not considered fulfilling. In the same six years, the S&P 500 Index has gained 140%, the NASDAQ100 has gained 280%, Apple stock is up 450%, and Amazon stock is up 580%. But Jack Dorsey continues to lead Square, which has seen 2,000% growth since 2015.