Cathie Wood’s Magic Touch Lives On as Ark Stake Boosts Roblox

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Cathie Wood’s Magic Touch Lives On as Ark Stake Boosts Roblox

Bloomberg2021-03-11

Digital games firm jumps in early trading as Ark reveals stake Wood’s funds have struggled amid tech selloff in recent weeks A rough period of performance for Cathie Wood hasn’t diminished her ...

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The New York-based firm lists the market value of the stake as a little over $36 million.\n\nIt’s another good sign for Wood, whose funds have been recovering after they were caught in a broad tech selloff that spurred three weeks of losses. At the height of the frenzy surrounding Ark in recent months, the firm fueled rallies in the likes of DraftKings Inc. after announcing stakes and even triggered gains for competitors by revealing plans for a space ETF.\nRoblox was 13% higher at $78.50 as of 6:19 a.m. in New York, after a 54% surge in its debut on Wednesday.\nThe company, based in San Mateo, California, is one of a handful to have gone public through a direct listing, an alternative to an initial public offering in which the shares begin trading without the company issuing new stock. Roblox has seen its revenue and valuation swell as the pandemic kept people at home and in search of entertainment.\nARKW climbed 3.9% in the pre-market. Wood’s flagship fund, the ARK Innovation ETF (ARKK) rose 4.3%. It posted the biggest jump on record earlier this week amid a rebound of tech shares.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":40,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}