Cathie Wood-LED ARK Investment Management defied a Short sale report from Hindenburg research At Jack Dorsey’s payment company block inc Q and loaded over 338,000 shares of the company’s stock at an estimated value of $20.9 million based on Thursday’s closing price.

The purchase was made through the flagship ARK Innovation ETF ARKKThe ARK Next Generation Internet ETF ARKW and the ARK Fintech Innovation ETF ARKF. According to the latest data available on ARK’s website at the time of writing, Block is among the top five holdings across all three funds.

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Block shares fell below $58 on Thursday morning before erasing some of the losses to end the day 14.82% lower. Interestingly, the stock hasn’t posted a huge loss in extended trading.

Hindenburg Research has issued a report claiming that Block facilitates fraud through a lack of compliance controls on its flagship product. cash app. After a two-year investigation, the company claimed that Block overrated its real user counts while underestimating its cost of customer acquisition.

In response to the allegations, Block said it intends to cooperate with the SEC and pursue legal action against Hindenburg over a “factually inaccurate and misleading” Block’s cash app business report.

Main sale: Wood’s funds decided to buy a large part of Tesla Inc TSLA stocks on Thursday. Two separate funds sold over 139,000 shares of the electric vehicle maker’s stock at an estimated value of over $26.8 million. The sale is raising curiosity because until recently, ARK funds were buying Tesla shares. Woods bought funds last week Tesla stock valued at over $4.6 million.

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