Renowned investor Cathie Wood, chief executive of Ark Investment Management, on Monday bought shares of a top video-streaming company, several biotechnology companies and an array of other tech-related stocks.
She also sold shares of a major social-media company and a financial technology company. (All the valuations below are as of Monday’s close).
Ark Next Generation ETF (ARKW) bought 76,603 shares of video streamer Roku (ROKU), valued at $8.8 million. Ark Fintech Innovation ETF (ARKF) snapped up 202,721 shares of robotics company UiPath (PATH), valued at $4.1 million.
Ark funds purchased 79,452 shares of biotech company Invitae (NVTA), valued at $544,246. Ark Genomic Revolution EFT (ARKG) snatched 66,118 shares of protein sequencing company Quantum-SI (QSI) , valued at $275,051.
Ark Next Generation sold 185,900 shares of social media titan Twitter (TWTR), valued at $8.7 million. And Ark Fintech Innovation dumped 235,347 shares of online lending marketplace LendingClub (LC), valued at $3.3 million.
Atwitter Over Musk
As for Twitter, Tesla (TSLA) Chief Executive Elon Musk has created tumult by deciding against joining the company’s board. A board position would have limited Musk’s stake in the company to 14.9%.
That limit “may have curbed Musk’s attempt to become more of an active investor and/or take over the firm,” Morningstar analyst Ali Mogharabi wrote in a commentary.
“Musk may be considering that as a 15%-plus shareholder, he could have much more leverage in disputes with [Twitter Chief Executive Parag] Agrawal about Twitter’s features and overall long-term strategies.”
Musk has expressed a desire for changes at Twitter. “With more than 81 million followers on the platform, Musk could more effectively campaign for changes to the platform without limitations,” Mogharabi said.
Musk's Own Social Media Platform?
“Twitter likely will be pressured to consider his ideas to minimize the risk of losing or aggravating users or pushing Musk to attempt to create a new platform.”
Dan Ives, an analyst at Wedbush Securities, says Musk may well grow increasingly combative toward the company.
"We believe the Twitter board and Musk could not come to an agreement around Musk's communications with the public," he said.
"This now goes from a Cinderella story, with Musk joining the Twitter board and keeping his stake under 14.9%, to likely a 'Game of Thrones' battle in the months ahead, with the high likelihood that Elon takes a more hostile stance."
