Cathie Wood Piles Up Shares In Alibaba, Rival Pinduoduo, Trims Snapchat, Pinterest
Cathie Wood-led Ark Investment Management on Monday snapped up 35,022 shares, estimated to be worth about $7.39 million, in Alibaba Group Holding (NYSE:BABA).
Shares of Alibaba closed 0.46% lower at $211.06 on Monday.
The New York-based investment firm deployed Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) and Ark Space Exploration & Innovation ETF (BATS:ARKX) to buy the shares. Ark also holds shares of the Jack Ma-led company via Ark Fintech Innovation ETF (NYSE:ARKF).
The investment firm also snapped up 95,137 shares in Alibaba rival Pinduoduo Inc (NASDAQ:PDD), estimated to be worth about $11.49 million.
Pinduoduo shares closed 3.3% lower at $120.78 on Monday.
Ark deployed ARKF to buy the shares of Pinduoduo. The investment firm also holds shares of the company via the Ark Next Generation Internet ETF (NYSE:ARKW).
The Shanghai-based company is known to be China's largest agriculture-based platform and had last year launched Duo Duo Grocery, a next-day grocery pickup service. Farmers list their fruits and vegetables for direct sale to consumers.
The New York-based investment firm sold 360,507 shares, estimated to be worth about $22.93 million in Snapchat parent Snap Inc (NYSE:SNAP) on the day shares of the social media company fell.
Snap shares closed 0.7% lower at $63.60 on Monday.
Wood’s firm sold the shares in Snap via ARKF and also holds shares of the social media company via ARKW.
The popular investment firm sold 321,235 shares, estimated to be worth about $22.85 million, in the social media company Pinterest Inc (NYSE:PINS).
Pinterest shares closed 4% lower at $71.14 on Monday. Ark sold the shares of the social media company via ARKF, no other ETF holds shares of the company.
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