Kathy Wood’s ARK fund bought more than 1.1 million shares of Twitter on Tuesday after the stock fell to a 52-week low of $43 a share during the session.
Twitter (ticker: TWTR) closed down 4% on Tuesday at $43.94. The stock rose 1.9% to $44.77 in premarket trading on Wednesday.
The stock’s drop on Tuesday follows Jack Dorsey’s announcement on Monday that he would step down as the social media site’s CEO. Twitter has named Parag Agarwal, the current Chief Technology Officer, as its Chief Executive Officer.
read moreWhat Twitter’s new CEO could mean for the stock
The ARK Innovation ETF (ARKK) bought 623,221 shares of Twitter on Tuesday, while the ARK Fintech Innovation ETF (ARKF) bought 327,160 shares, according to daily trades posted by ARK Fund. The ARK Next Generation Internet ETF (ARKW) bought 161,991 shares. The purchase amount was approximately $49 million.
Twitter’s purchase of ARK marked the stock’s biggest one-day buy since July 23, according to Businesshala,
The ARK Innovation ETF also bought 127,391 shares of Zoom Video Communications (ZM) and the ARK Next Generation ETF bought 34,436 shares of the video teleconferencing company.
After buying 572,217 shares of the online broker on Monday, ARKK also bought 832,248 shares of Robinhood Markets on Tuesday. The ARK Fintech Innovation ETF also bought 342,346 shares of Robinhood on Monday.