Cathie Wood's Ark Invest on Friday bought 230,323 shares — estimated to be worth $12.7 million — in $Snap Inc(SNAP.US)$, on the dip.
Shares of the social media company, which are up 11.2% so far this year, sunk 26.7% lower at $55.14 a share on Friday.
Snap shares fell after the owner of social media app Snapchat said that privacy changes implemented by $Apple(AAPL.US)$ earlier this year on iOS devices hurt its advertising business.
The Santa Monica, California-based Snap's third-quarter revenue missed analysts' estimate on Thursday. $Facebook(FB.US)$ and $Twitter(TWTR.US)$, which also fell on Snap's warning, are scheduled to report quarterly numbers this week.
The $ARK Next Generation Internet ETF(ARKW.US)$ bought shares in Snap on Friday. Other than ARKW, the $ARK Fintech Innovation ETF(ARKF.US)$ too owns shares in the social media company.
The two ETFs held a total of 954,518 shares — worth $71.69 million, ahead of Friday's trade.
Here are some of the other key trades for Ark on Friday:
Ark Invest continued to book profit in $Tesla(TSLA.US)$. The investment firm sold 80,354 shares — estimated to be worth $73.09 million — in the electric vehicle maker's stock. Tesla shares closed 1.75% higher at $909.68 a share on Friday.
Bought 448,944 shares — estimated to be worth $27.94 a share — in $Twitter(TWTR.US)$ on the dip. Shares of the Jack Dorsey-led social media company closed 4.83% lower at $62.24 a share on Friday.
Bought 203,467 shares — estimated to be worth $1.67 million — in $Velo3D(VLD.US)$. Shares of the company closed 3.86% lower at $8.21 a share.
Source: ARK Invest