Z - Cathie Wood's Ark Invest Scoops Up Reddit Shares On Debut — Also Acquires $46M Worth Of Mark Zuckerberg's Meta Stock | Benzinga
On Thursday, the investment firm led by Cathie Wood, Ark Invest, made a significant move by purchasing shares of Meta Platforms Inc (NASDAQ:META) even as the company faces fresh legal challenges.
The Meta Trade
On Thursday, Ark Invest purchased a total of 90,253 Meta Platforms shares through ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF). The trade was valued at $45.82 million. For the day, Meta shares closed 0.44% higher at $507.76.
Ark Invest’s acquisition of META shares comes as the company faces possible fresh litigation. The U.S. Court of Appeals for the Ninth Circuit ruled against the Mark Zuckerberg-led company, allowing a class action lawsuit to proceed. Advertisers had accused the company of exaggerating the potential reach of its ads on Facebook and Instagram, as reported by Bloomberg Law.
The Reddit Trade
Wood also stocked up $503,492 worth of shares through ARKW and ARKF. The purchase of 9,982 shares comes on the same day that the social ...