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Cathie Wood buys Twitter dip in the worst plunge since October




Cathie Wood is Twitter Inc. I saw a purchase opportunity in the worst week since October.

Her company, Ark Investment Management, bought about 1.3 million shares of its social media network for $ 71 million on Friday, plunging its share price by 15%, according to an email about the company’s trading activities. This slide is from Facebook Inc. And Alphabet Inc. It happened after Twitter reported disappointing first-quarter sales, as opposed to higher-than-expected results from other major tech companies such as.

Ark’s actively managed exchange-traded funds are suffering as investors shift from growth stocks as the country recovers. This benefits companies whose businesses are more closely linked to economic fluctuations. Her $ 23 billion flagship ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) (two funds that bought Twitter shares) fell 3.5% each year after recording triple-digit returns. And it increased by only 1.5%. In 2020.

However, Wood is known to double its strategy during the sale, especially when automaker Tesla plunges. She reiterates that despite the wide rotation from high-growth companies to value stocks, her team maintains a belief in innovative technology and has a five-year period.

“Twitter fits well with Ark and Cathie Wood’s investment style,” says Robert W. Baird & Co. Ross Mayfield, an investment strategy analyst at. But that’s not the case with some moonshot companies they really like. Twitter is a tech company, but it’s just like standard social media. “

The stock price of the social media giant plummeted late last week after company executives said sales were sluggish in the first few months of the year. Revenue increased 28%, but Facebook Inc. And Alphabet Inc. Was lagging behind other digital advertising giants such as Google.

Wood’s ARKK fell 1.8% in New York at 11:07 am. According to data compiled by Bloomberg, the fund recorded the first month of outflow since September 2019, losing about $ 76 million.

Before coming here, it’s in the Bloomberg Terminal.

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