Cathie Wood's Wednesday Exodus: Moderna And Jack Dorsey's Block Stocks Get Dumped

On Wednesday, Ark Invest, led by Cathie Wood, made significant trades in Moderna Inc. MRNA and Square Inc. SQ.

The Moderna Trade

Ark Invest removed 49,922 shares of Moderna Inc. MRNA from its ARK Genomic Revolution ETF ARKG on Wednesday. The trade is estimated to be worth $2.6 million, based on the latest closing price of $51.81.

This move comes after Ark Invest sold a significant amount of Moderna stock earlier in October. The company’s decision to offload over $9 million in Moderna came amidst the unveiling of Moderna’s post-COVID roadmap.

The Block Trade

Ark Invest sold 31,771 shares of Block on Wednesday. The trade, made through ARK Innovation ETF ARKK and Ark Fintech Innovation ETF ARKF, is estimated to be worth $2.5 million, based on the latest closing price of $77.64.

Jack Dorsey, the CEO of Block, recently announced a fresh wave of layoffs at the music streaming service Tidal, which the Bitcoin BTC/USD-focussed Block owns. This move came amidst a significant round of layoffs, with Dorsey stating that Tidal needs to function "like a startup again," necessitating a much smaller team across the organization.

Other Key Trades:

• Ark loaded up on shares of Crisper Therapeutics (CRSP) and Twist Bioscience Corp (TWST)
• The Wood-led firm sold shares of Sofi Technologies (SOFI) and Unity Software (U).

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal