Ark Invest buys $500 million in SpaceX shares on IPO day, funded by selling other positions
By
Shaurya Malwa
Lightly toasted, lightly seasoned, mostly correct.
Summary
Cathie Wood's Ark Invest purchased nearly 3.3 million shares of SpaceX (SPCX) on its IPO day, building a stake worth over $500 million. The shares were priced at $135 and closed at $160.95, a 19.2% first-day gain. The purchases were funded by liquidating approximately $280 million in stock from other positions across 13 companies, including selling roughly 948,000 shares worth at least $48 million on the same day. ARK Invest is also known as a major Bitcoin bull with a million-dollar price target for 2030.
Key quotes
· 3 pulledARK Invest bought nearly 3.3 million shares of SpaceX (SPCX) as Elon Musk's company went public in the largest IPO ever on Friday
The shares, priced at $135 for the sale, closed at $160.95, rising more than 19.2% on their first day.
The Cathie Wood-owned firm liquidated almost $280 million of stock in the week before the listing
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