During Tuesday's market collapse, Ark Invest bought up about $41.9 million in tech stocks, doubling down on her largest bets amid the market downturn.
The Milken Institute Global Conference has a speaker.
In its daily transaction report, Ark said it bought 250,537 shares of the streamer for $17 million and 208,535 shares of the video communications company for $16.4 million in its flagship Ark Innovation Exchange Traded Fund.
The company's shares are down by more than 45% year-to-date, which has contributed to the tech focused fund's subpar performance.
Ark bought 15,115 shares of chip maker Nvidia for $2 million, 148,434 shares of sports betting giant Draftkings for $2.6 million, and 54,279 shares of communications platform Twilio for $3.8 million.
Wood spent $24.1 million on mostly healthcare stocks.
Ark sold Signify Health stock and other smaller positions in order to fund the purchases.
The Ark Innovation Exchange Traded Fund fell 6.8% in Tuesday trading, more than the 4.3% drop in the S&P 500 and 5.2% drop in the tech-laden Nasdaq. Wood's fund has struggled as a result of the market downturn as tech stocks drive it. Wood has sold off some of her fund, which is why Ark is down 45% year-to-date.
Wood said the Fed is overdoing it with its monetary policy and that it will be a mistake. The Fed has raised rates three times this year and is expected to raise them again later this month.
According to Forbes, Wood's net worth fell by $65 million between June 2021 and June 2022.
Ark Invest CEO Cathie Wood's net worth was slashed as tech bets soured.
Struggling tech stocks are defended as Flagship Fund craters.
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