Cathie Wood Sells Tesla Shares And Loads Up On Snapchat And This Social Media Stock On The Dip

Cathie Wood’s Ark Invest on Friday bought 230,323 shares — estimated to be worth $12.7 million — in Snap Inc (SNAP, 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 Inc AAPL 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 Inc FB and Twitter Inc TWTR, which also fell on Snap's warning, are scheduled to report quarterly numbers this week.

See Also: Snapchat Takes Other Social Media Stocks Down With It On Apple Privacy Changes Warning

The ARK Next Generation Internet ETF ARKW bought shares in Snap on Friday. Other than ARKW, the Ark Fintech Innovation ETF ARKF 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.

See Also: Cathie Wood Sells Another $2.6M In Tesla, Continuing Profit-Booking From September

Here are some of the other key trades for Ark on Friday:

• Ark Invest continued to book profit in Tesla Inc TSLA. 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 Inc TWTR 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 Inc VLD. Shares of the company closed 3.86% lower at $8.21 a share.