There is a stir in the US stock market these days. ARK Investment Managment, the company of veteran investor Cathie Wood, is buying shares of Twitter by selling shares of Facebook, Amazon and Elon Musk’s company Tesla. Their shares fell between 3 and 13 per cent in the last five days due to the company’s sell-off in Amazon, Facebook and Tesla. Due to this the technology index in Wall Street got worse. However, on Monday, the Dow-Jones, S&P 500 and Nasdaq were seen recovering slightly from this shock. After Parag Aggarwal became the CEO of Twitter, Cathie Wood’s company has increased the buying in its shares.
Tesla, Facebook and Amazon shares fell due to sell-off
Recently, Cathie Wood’s ARK Innovation ETF (ARKK) sold 33,919 equity shares of Tesla. Due to this Tesla shares fell 12 percent in a single week. Despite the rise of the indices on Monday, the stock could not recover and is still down 0.59 per cent. ARKK’s biggest holding is in Tesla itself. It has 2 million shares of Tesla.
Also sold 1,51,321 shares of Chinese company JD.Com in Cathie wood’s company ARK Autonomous Technology & Robotics ETF (ARKQ). Due to this, its shares on Nasdaq fell 13.7 percent. Its shares were down 3.5 percent till Monday. Cathie Wood also sold Facebook shares on Monday. The veteran investor’s ARK Next Generation Internet ETF sold 64,248 shares of Facebook.
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Cathie wood is buying shares on Twitter
Cathie Wood has intensified buying in Twitter shares in contrast to the sale of Facebook, Tesla and Amazon shares. His ARK Fintech Innovatin ETF bought 230,883 shares of Twitter on Monday. On Monday, Twitter’s shares rose 5.7 percent. ARK Investment bought 1.1 million shares of Twitter last week for $ 489 million.
(Article: Kshitij Bhargava)
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