Michael Bapis Sees Continuous Growth In Social Media

On CNBC’s "Trading Nation," Michael Bapis of Vios Advisors said that social media has become the first choice in connecting with people, with persons becoming highly dependent on it.

Despite rising competition in the field, this sector will continue to grow, he added. The social media firms will continue to make money while innovating in their field due to higher advertising revenue.

Piper Sandler Slashes Twitter Price Target By 23%, Still Sees 26% Upside

Cathie Wood’s money managing firm Ark Invest bought 1.11 million shares — estimated to be worth $48.87 million — in Twitter Inc TWTR, after a big leadership change at the social media company. CEO Jack Dorsey said he was stepping down from his role and handing over the reins to Chief Technology Officer Parag Agrawal, with Bret Taylor serving as the chairman of the board.

Price Action: Twitter shares, which are down around 19% in 2021, dropped 2.6% to close at $42.82 on Wednesday.