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Robinhood Gets Cathie Wood’s Backing Despite Miserable First Day

  • ARK Innovation ETF purchases stock worth more than $45 million
  • Robinhood had worst-ever performance of a U.S. IPO of its size
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Robinhood CEO Tenev on ‘Humbling’ Moment of IPO

Robinhood Markets Inc. may have performed poorly after its initial public offering, but it got some high-profile support from Cathie Wood.

Wood’s flagship ARK Innovation exchange-traded fund (ticker ARKK) purchased almost 1.3 million shares of the company on Thursday, according to Ark Investment Management’s daily trading report. At Robinhood’s closing price of $34.82, that gives the ETF a more than $45 million stake.