Cathie Wood's ARK buys a million Twitter shares after Dorsey steps down

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Cathie Wood, founder and CEO of ARK Investment Management LLC, speaks during the Skybridge Capital SALT New York 2021 conference in New York City, U.S., September 13, 2021. REUTERS/Brendan McDermid/File Photo

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Nov 30 (Reuters) - Cathie Wood's ARK Investment Management bought more than a million shares of Twitter Inc (TWTR.N), a day after Jack Dorsey stepped down as the chief executive of the social networking site.

ARK acquired 1.1 million Twitter shares worth $48.9 million at Tuesday's closing price of $43.94, according to the firm's daily trade report. They had lost 3.4% after opening lower.

On Monday, after the company named its technology chief Parag Agrawal as the CEO, the shares had closed down 2.7%. read more

Ark on Tuesday also bought 837,248 shares of online brokerage firm Robinhood Markets Inc (HOOD.O) worth $21.7 million. It had on the previous day bought 915,063 shares, taking an advantage of a pullback in shares.

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Reporting by Maria Ponnezhath in Bengaluru; Editing by Arun Koyyur

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