Cathie Wood's Ark buys Block's dip
15/09/2022 13:56
** Cathie Wood's Ark Invest bought Block Inc's SQ.N shares
following a recent plunge on worries over the company's "buy
now, pay later" business
** Wood's flagship fund, ARK innovation ETF ARKK.P ,
purchased more than 100,00 shares on Wednesday, daily trading
data showed
** Shares are in the midst of a slump, down about 9% since
Monday; slip 2.2% premarket on Thursday after the U.S. Consumer
Financial Protection Bureau (CFPB) says it plans to regulate
BNPL companies urn:newsml:reuters.com:*:nL1N30L27L
** Another report from management consultancy firm cg42
showed U.S. BNPL debt is set to hit $15 bln by 2025 urn:newsml:reuters.com:*:nL4N30G2XX
** At previous close, SQ has lost ~58% of its value and ARKK
~54% YTD
(Reporting by Mehnaz Yasmin in Bengaluru)
((Mehnaz.Yasmin@thomsonreuters.com))