Cathie Woods ARK Investment Management bought more than a million shares in Twitter Inc. the day after Jack Dorsey stepped down as CEO of the social networking site.
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ARK acquired 1.1 million Twitter shares valued at $ 48.9 million at the closing price of $ 43.94 on Tuesday, according to the company’s daily trading report. They had lost 3.4% after opening lower.
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After the company named its chief technology officer Parag Agrawal as CEO on Monday, the share closed 2.7%.
Ark also bought 837,248 shares in online brokerage company Robinhood Markets Inc on Tuesday for $ 21.7 million. It had bought 915,063 shares the day before and took advantage of a price decline.
(Reporting by Maria Ponnezhath in Bengaluru; editing by Arun Koyyur)