##  [# Wood’s ARK Buys Reddit Shares in IPO](/sections/news/woods-ark-buys-reddit-shares-ipo) 

 

# Wood’s ARK Buys Reddit Shares in IPO

 

 

ARK buys around 10,000 RDDT shares, which soared Thursday before Friday's decline.



 

 

 

 

 [![LucyBrewster310x310](/sites/default/files/styles/author_image_icon/public/2023-08/LucyBrewster310x310.png?itok=bb7T__Ih)](/authors/lucy-brewster) 

[By Lucy Brewster](/authors/lucy-brewster)

 Mar 22, 2024

 Edited by: Ron Day

 

 

     Share  <a class="a2a a2a_button_email"> Email </a><a class="a2a a2a_button_linkedin"> LinkedIn </a><a class="a2a a2a_button_facebook"> Facebook </a><a class="a2a a2a_button_x"> X (Twitter) </a> 

 

 

 

 

 

 

 

 

  
            googletag.cmd.push(function() {
                googletag.display('js-dfp-tag-article_page_302x26');
            });
    
    

 

 

  

 



 

 

  Loading 

 

 

 
            googletag.cmd.push(function() {
                googletag.display('js-dfp-tag-subscribe_podcast_videos');
            });
    
    

 

 



 

 

Cathie Wood’s Ark Investment Management purchased nearly 10,000 shares of Reddit Inc. on its first day of trading, taking a small bite of the social media platform that followed a stellar debut with a small decline.

ARK bought about a half-million dollars worth of Reddit shares, which rallied 48% in their debut. Determining if ARK's investment paid off wasn't possible since the purchase price wasn't available immediately. The stock swung between $57.80 and $45.05 on its first day, and while it's dropping today from yesterday's closing price, the price didn't reach yesterday's low.

The [**ARK Next Generation ETF (ARKW)**](https://etf.com/ARKW) purchased 5,914 shares on Thursday, while the [**ARK Fintech Innovation ETF (ARKF)**](https://etf.com/ARKF) purchased 4,068 shares.

Wood has become somewhat of a lightning rod for tech investing due to her big [bets](https://www.etf.com/sections/news/ark-buys-tesla-stock-musk-says-he-ignores-crypto) on bitcoin and Tesla, as well has big losses in her funds. Ark's flagship, the [**Ark Innovation ETF (ARKK)**](https://etf.com/ARKK) has lost 25% over the past three years [compared](/etfanalytics/etf-comparison/ARKK-vs-SPY) with the [**SPDR S&amp;P 500 ETF Trust (SPY)**](/spy) 12% gain over the same period.

ARKW's 54% gain and ARKF's 61% jump over the past year tops SPY's 33% increase.

## Reddit's Public Market Debut

Reddit is the first social media company to go public since 2019, according to CNBC. The public market debut of the discussion-based platform is another sign of life for the slowly resuscitating IPO market, which has slowed in the past few years due to high interest rates and public market volatility.

As a mid-cap media stock, Reddit could eventually be included in funds such as the [**Vanguard Mid-Cap ETF (VO)**](applewebdata://8995DD74-27C9-45AA-BADF-9C5C53986EA5/VO) or social media focused ETFs like the [**Global X Social Media ETF (SOCL)**](https://etf.com/SOCL).

Beyond ARK's funds, Reddit's stock has also been added to IPO ETF [**First Trust U.S. Equity Opportunities ETF (FPX)** ](/FPX), according [to data ](https://twitter.com/EricBalchunas/status/1771189530214756769/photo/1)from Bloomberg ETF analyst Eric Balchunas.

*Contact Lucy Brewster at* <lucy.brewster@etf.com>.

 
            googletag.cmd.push(function() {
                googletag.display('js-dfp-tag-in_article_unit');
            });
    
    

 

 



 

 

 [ Lucy Brewster Finance Reporter ](/authors/lucy-brewster) 

 

 

  Lucy Brewster is a finance reporter at etf.com covering asset managers, emerging technologies, and regulation. She hosts etf.com webinars and appears…   [View Bio](/authors/lucy-brewster)

 



 

 


 Related Topics  [IPO](http://www.etf.com/topics/ipo) 

 [ARK](http://www.etf.com/topics/ark)