The total value of the combined stake of those funds is about $503 million, based on Reddit's closing price of $50.44 per share on Thursday.
Cathie Wood's Ark Invest bought nearly 10,000 shares of Reddit on the social media stock's first day of trading. Ark's daily trade update shows that the Next Generation Internet ETF fund scooped up 5,914 shares of Reddit, while the Fintech Innovation ETF added 4,068 shares. The total value of the combined stake of those funds is about $503 million, based on Reddit's closing price of $50.44 per share Thursday. It is unclear exactly how much Ark paid for those shares.
The Reddit IPO was priced at $34 per share, and trading opened Thursday at $47 per share. Reddit is a minor position in both ARKW and ARKF. Notably, the firm did not add Reddit to its flagship Innovation ETF . Wood rose to prominence in 2020 and 2021 as her aggressive growth investing style seemed well suited for the pandemic era boom for the stock market.
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