Cathie Wood's ARK buys a million Twitter shares after Dorsey steps down

The company named its technology chief Parag Agrawal as the CEO

Cathie Wood's ARK Investment Management bought more than a million shares of Twitter Inc, a day after Jack Dorsey stepped down as the chief executive of the social networking site.

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ARK acquired 1.1 million Twitter shares worth $48.9 million at Tuesday's closing price of $43.94, according to the firm's daily trade report. They had lost 3.4% after opening lower.

THE HISTORY OF TWITTER: HOW THE SOCIAL MEDIA PLATFORM HAS GROWN

On Monday, after the company named its technology chief Parag Agrawal as the CEO, the shares had closed down 2.7%.

Ticker Security Last Change Change %
TWTR TWITTER INC. 33.84 +0.22 +0.65%

Ark on Tuesday also bought 837,248 shares of online brokerage firm Robinhood Markets Inc worth $21.7 million. It had on the previous day bought 915,063 shares, taking an advantage of a pullback in shares. 

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Arun Koyyur)