Business

Cathie Wood’s investment firm, Elliott buy Twitter shares on dip

Cathie Wood’s Ark Investment Management and hedge fund Elliott Management bought shares of Twitter Inc (TWTR.N) last week after the stock fell on disappointing quarterly results.

Wood’s investment firm bought about 1.3 million shares of the company worth $71 million last week, the report said, citing an email on the firm’s trading activity.

Separately, Elliott also raised its stake in Twitter by more than $200 million and continues to buy after the sell-off began on Friday, citing people familiar with the matter.

Ark Investment Management and Elliott did not immediately reply to a request for comment, while the microblogging site declined to respond.

Twitter’s shares closed more than 15% lower on Friday after the company offered tepid revenue guidance for the second quarter, warned of rising costs and expenses and said user growth could slow as the boost seen during the COVID-19 pandemic fizzles.