Cathie Wood's ARK Investment Management purchased almost a million shares of Twitter just one day after Jack Dorsey stood down as the company's CEO.
According to the firm's daily trade report, ARK purchased 1.1 million Twitter shares for $48.9 million at Tuesday's closing price of $43.94. After opening lower, they had lost 3.4%.
The stock dropped 2.7% on Monday after the company nominated its technology leader Parag Agrawal as CEO.
Ark also paid $21.7 million for 837,248 shares of online brokerage business Robinhood Markets. It had bought 915,063 shares the day before, taking advantage of a share price drop.