Cathie Wood's Wednesday Exodus: Moderna And Jack Dorsey's Block Stocks Get Dumped

On Wednesday, Ark Invest, led by Cathie Wood, made significant trades in Moderna Inc. (NASDAQ:MRNA) and Square Inc. (NYSE:SQ).

The Moderna Trade

Ark Invest removed 49,922 shares of Moderna Inc. (NASDAQ:MRNA) from its ARK Genomic Revolution ETF (BATS:ARKG) on Wednesday. The trade is estimated to be worth $2.6 million, based on the latest closing price of $51.81.

This move comes after Ark Invest sold a significant amount of Moderna stock earlier in October. The company’s decision to offload over $9 million in Moderna came amidst the unveiling of Moderna’s post-COVID roadmap.

The Block Trade

Ark Invest sold 31,771 shares of Block on Wednesday. The trade, made through ARK Innovation ETF (NYSE:ARKK) and Ark Fintech Innovation ETF (NYSE:ARKF), is estimated to be worth $2.5 million, based on the latest closing price of $77.64.

Jack Dorsey, the CEO of Block, recently announced a fresh wave of layoffs at the music streaming service Tidal, which the Bitcoin (CRYPTO: BTC)-focussed Block owns. This move came amidst a significant round of layoffs, with Dorsey stating that Tidal needs to function "like a startup again," necessitating a much smaller team across the organization.

Other Key Trades:

• Ark loaded up on shares of Crisper Therapeutics (CRSP) and Twist Bioscience Corp (TWST)
• The Wood-led firm sold shares of Sofi Technologies (SOFI) and Unity Software (U).

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal