Yesterday, Catherine Wood’s ARK Investment Management LLC lapped up 1.77 million shares of Shopify (SHOP) shares despite the company's plans to lay off 10% of its global workforce. Shares of Shopify dived 14.5% yesterday after the company's CEO, Tobi Lütke, accepted that his projection of the growth of the e-commerce business was too optimistic. ARK’s move to buy the stock on the price dip once again reaffirms ARK’s bullish stance on the stock. In fact, Shopify takes the second position in terms of holdings in ARK's Fintech Innovation ETF. In contrast, Cathie Wood’s ARK also sold 1.42 million shares of cryptocurrency exchange stock Coinbase Global Inc. (COIN).
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Shopify (NYSE:SHOP)
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