Ark Invest — which some, including “Big Short” investor Michael Burry, have called too risky — has always focused its attention on “disruptive innovation,” betting big on (largely) tech leaders in an attempt to deliver huge returns to its investors.
The purchase, made on May 23 and totaling around $17 million, was spread across two of Wood’s ETFs. Ark’s flagship Innovation ETF picked up 230,964 shares, while Ark’s Next Generation Internet ETF acquired 36,168 shares.
The move came a day after Zoom beat analyst estimates in its fiscal first-quarter earnings report. The software company reported a 3% increase in sales to $1.1 billion, earning $1.16 per share in profit.
Zoom also raised its sales forecast.
The video-conferencing company has been flagging in the post-pandemic era; its 52-week high, which it experienced in July of 2022, was $124.5 per share.
Zoom closed on May 23 at $65.65 per share and proceeded to fall around 2% in the morning of May 24, in a return to its pre-pandemic value.
CEO Eric Yuan announced layoffs in Feb. 2023 that amounted to around 1,300 people, or about 15% of Zoom’s workforce.
Memorial Day Savings! Unlock trusted portfolio guidance for a fraction of the price. Subscribe now.