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Cathie Wood’s ARK Pays $88.74 Million for Twitter Shares After Dorsey’s Bitcoin-Related Statement About Company’s Future

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Mon, 07/26/2021 - 07:17
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Yuri Molchan
ARK hedge fund has purchased 123,786 Twitter shares after Dorsey's recent statement related to Bitcoin and its "big" role in Twitter's future
Cathie Wood’s ARK Pays $88.74 Million for Twitter Shares After Dorsey’s Bitcoin-Related Statement About Company’s Future
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According to a Benzinga article, ARK investment fund, spearheaded by Cathie Wood, has purchased 123,786 Twitter shares.

ARK invests almost $90 million in Twitter thanks to Bitcoin

Wood decided to make this acquisition after Twitter CEO Jack Dorsey announced during the B-Word conference with Elon Musk on Wednesday that Bitcoin is going to be an integral part of Twitter's future.

On Friday, July 23, Twitter shares closed at $71.69 after staging 3.05 percent growth. ARK has paid a whopping $88.74 million for its new Twitter shares.

Earlier this year, in May, Cathie Wood's ARK invested over $1.3 million in Twitter shares. Wood was among the few participants in the B-Word conference on Wednesday, July 21, which took place over Zoom.

Related
3 Reasons Why Bitcoin Suddenly Soared to Nearly $40K

Bitcoin recovered thanks to Amazon rumor

Earlier today, the flagship cryptocurrency, BTC, made a substantial recovery, reaching the $39,850 level—the highest witnessed by the market since June 16.

There could be several reasons for that. The Bitcoin short squeeze occurred when almost $929 million in short Bitcoin positions were liquidated over 24 hours and the price was pushed back up.

As reported by U.Today on Sunday, the e-commerce behemoth Amazon, whose former CEO Jeff Bezos, the world's richest man, went up to space last week, is preparing to start accepting crypto.

Among the coins that will be accepted as payment, according to an anonymous insider, are Bitcoin, Ethereum, Cardano's ADA and Bitcoin Cash.

Also, on Friday of last week, Amazon posted a job advertisement seeking a cryptocurrency and a blockchain expert. This has given Bitcoin, Ethereum, ADA and other currencies the momentum needed to rise.

BTC, ETH, DOGE, ADA, XRP on the rise

At press time, Bitcoin is trading at $38,673, having grown by almost 12 percent, Ethereum is changing hands at $2,358 (up 8 percent) and Cardano is worth $1.36 (up almost 11 percent), according to data provided by CoinMarketCap.

Other cryptocurrencies, such as XRP, Dogecoin, etc., are following Bitcoin's example as well.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.