RXRX - Cathie Wood's Ark Invest Sells $8.04M Worth of DraftKings Shares | Benzinga
On Wednesday, Cathie Wood-led Ark Invest made a significant move by selling a substantial portion of its stake in DraftKings Inc (NASDAQ:DKNG).
The DraftKings Trade
The sale, valued at nearly $8.04 million, was made through the company’s flagship ARK Innovation ETF (NYSE:ARKK). The total number of shares sold amounted to 229,215. On Wednesday, DraftKings stock rose 4.2% to $35.07.
Ark Invest’s decision to sell shares of DraftKings appears as a pivotal shift, especially considering the company’s previous stance on the sports betting giant. As detailed in a Benzinga article, DraftKings has been a key holding for Ark, standing out in the sports betting sector.
Ark saw slim odds in August that Disney’s ESPN Bet platform could break “Draftkings-FanDuel” Duopoly in sports betting.
In a Benzinga exclusive, Wood said that she would be keeping an eye on ESPN Bet’s launch. She said at the time, “We will be ...