Cathie Wood's ARK Investment Management took <a href="https://finance.yahoo.com/news/cathie-wood-ark-bought-more-155335625.html" target="_blank" rel="nofollow noopener">advantage</a> of the drop in Robinhood stocks on Wednesday after the company revealed its earnings report and bought nearly $80 million worth of the stock while selling another batch of Tesla shares.
<h2><strong>Ark Investment Bought $80M Worth Robinhood Stocks</strong></h2>
ARK Investment Management, the firm run by Cathie Wood, expanded its bets for Robinhood Markets Inc. as three of her funds <a href="https://www.cryptoknowmics.com/news/ark-investment-invests-20-million-in-grayscale-ethereum-trust-shares/">ARK Innovation</a>, ARK Next Generation Internet and ARK Fintech Innovation ETF added 2.29 million Robinhood shares for $79.4 million. On the sale side, the firm sold off 57,000 shares of Tesla and 107,000 shares of Coinbase among other trades.

<a href="https://www.cryptoknowmics.com/news/robinhood-struggles-for-its-safety-first-policy-with-customers-demand-for-meme-coins/">Robinhood’s</a> earnings report showed that users have left the app or sold off holdings and opened new accounts during the third quarter, a worrying sign for a company that boasted enormous user growth last year and the first half of 2021.

Monthly active users dropped to 18.9 million from 21.3 million last quarter while the number of overall funded accounts fell from 22.5 million to 22.4 million. Reportedly, users are quitting the platform and moving to competitors like Fidelity or Schwab.

The brokerage platform posted a loss of $2.06 a share on revenue of $365 million, vs. a loss of 5 cents a share on revenue of $270 million in the year-earlier quarter. Analysts had been expecting a loss of 67 cents a share for the latest period.

The company offered subdued guidance for the fourth quarter:
<blockquote><em> “For the three months ending Dec. 31, we anticipate that many of the factors that impacted our third-quarter results, such as seasonal headwinds and lower retail trading activity, may persist.”</em></blockquote>
<h2><strong>Cathie Wood Bullish on Disruptive Tech</strong></h2>
Wood’s strategy focuses almost exclusively on investing in “disruptive innovation.” and remains especially bullish on cryptocurrencies. She believes that regulation won’t hamper the innovation that is taking place.

Wood also bought the dip in Twitter stock on Wednesday, adding a position worth about $60 million, as shares of the social media company fell nearly 11%.

Cathie Wood’s Ark Investment Buys $80M Worth Falling Robinhood Stocks

Cathie Wood's ARK Investment Management bought nearly $80 million worth of Robinhood stocks while selling another batch of Tesla shares.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Cathie Wood’s Ark Investment Buys $80M Worth Falling Robinhood Stocks

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