Popular investor Cathie Wood’s ARK Invest purchased nearly 10,000 shares of the social media platform Reddit in its stock market debut on Thursday.
It added 9,982 shares of Reddit to the ARK Next Generation Internet ETF and ARK Fintech Innovation ETF, according to an email from the asset manager seen by media outlets.
The market value of the stake based on Thursday’s closing price is more than $500,000.
Reddit went public at $34 and closed above $50 on its first day of trading, with a market capitalization of roughly $8 billion.
Shares of Reddit traded 4.4% lower at $48 in the early afternoon on Friday.