Ark Invest buys $32 million worth of SpaceX shares as stock plunges 16%

60-second summary

Ark Invest is buying $32 million worth of SpaceX shares as the stock plunges 16.43% to close at $154.60, erasing most of the gains recorded since its June 12 debut. The significant decline has investors on edge, with Ark's investment a vote of confidence in the company's long-term prospects, despite the short-term volatility in the market.