Cathie Wood’s firm liquidated $280 million in stocks ahead of purchasing SpaceX shares on its public debut.
ARK Invest purchased 3.3 million shares of SpaceX on its IPO day, Friday. The firm liquidated nearly $280 million in stock positions in the week leading up to the transaction to fund the acquisition.
Prior to the SpaceX IPO, ARK Invest sold approximately 948,000 shares of 13 other holdings on the same day. The move follows a week of repositioning within the firm’s portfolio.
The S&P 500 and Nasdaq Composite showed resilience in the past week, testing and bouncing off support levels amid broader market activity.