Cathie Wood’s Ark Invest buys $21 million in Block as stock drops 6%
60-second summary
Cathie Wood's Ark Invest is buying $21 million in Block stock as its shares plummet 6.15% on Thursday, despite the company's efforts to cut costs by laying off 40% of its workforce in February. Rising operating expenses in Q2 are weighing on Block's performance, causing investors to reassess its valuation and sparking a sell-off in its stock.
Block's stock fell 6.15% on Thursday as the company posted rising operating expenses in Q2, despite cutting 40% of its workforce in February.