ARK Investment Management
- Cathie Wood’s ARK Innovation ETF added 1,268,926 shares of Twitter on Thursday.
- The move came after Twitter reported it plans to “at least” double revenue by the end of 2023.
- The ARK Innovation ETF now owns some 3.1 million shares of Twitter making it the funds’ 39th largest holding.
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Cathie Wood’s ARK Innovation ETF loaded up on shares of Twitter on Thursday after the social media giant announced ambitious growth plans to at least double revenues by 2023.
Wood bought 1,268,926 shares, representing 0.41% of the ARK Innovation ETF even as Twitter hit all-time highs.
The ARK Innovation ETF now holds a total of 3.1 million Twitter shares as of February 25, making it the exchange traded fund’s 39th largest holding.
The big purchase from Wood came after Twitter said it is working to “at least double annual revenue from $3.7 billion in 2020 to $7.5 billion or more in 2023” in an 8-K filing with the Securities and Exchange Commission.
The company also said it expects to reach at least 315 million monetizable daily active users by the end of 2023.
The news caused shares to jump as much as 11% to all time highs of over $80 per share before paring gains.
Not long after the release of Twitter's ambitious revenue goals, the social media giant took a shot at Patreon when it revealed a new 'Super Follower' feature that will allow Twitter followers to pay creators for access to tweets, newsletters, and groups.
Twitter boasts 18 "buy" ratings, 33 "neutral" ratings, and zero "sell" ratings from analysts.
Shares of Twitter were up 1.53% as of 10:10 a.m ET on Friday, giving the company a market cap of $61.37 billion.
