Cathie Wood Snaps Up $63.8 Million in Facebook as Social Media Giant Sets Metaverse Ambitions

A woman holds a smartphone with the Facebook logo in front of a displayed Facebook's new rebrand logo Meta in this illustration picture taken on Oct. 28, 2021. (Dado Ruvic/Illustration/Reuters)

Cathie Wood’s money managing firm Ark Invest on Friday raised its exposure in Facebook Inc., a day after the Mark Zuckerberg-led social media company said it has changed its name to Meta to reflect its ambition beyond social media.

The popular money managing firm bought 197,259 shares—estimated to be worth $63.83 million—in the Meta stock.

Shares of the company closed 2.1 percent higher at $323.57 a share on Friday. Meta will change its stock ticker from FB to MVRS, effective Dec. 1.

Ark Invest deployed Ark Next Generation Internet ETF to buy shares in Meta. Ark Fintech Innovation ETF too owns shares in the company.

Here are a few other key trades from Ark on Friday:

• Sold 488,016 shares—estimated to be worth $44.62 million—in Peloton Interactive Inc. Shares of the exercise equipment and the media company closed 1.25 percent higher at $91.44 a share.
• Bought 43,026 shares—estimated to be worth $407,456—in Blade Air Mobility Inc. Shares of the urban air mobility platform company closed 0.73 percent lower at $9.47 a share.

By Rachit Vats

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