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June 16, 2021, 4:46 a.m. EDT

Ark Invest snapped up DraftKings stock after short-selling firm alleged illegal activity

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By Steve Goldstein

Ark Invest disclosed that it purchased DraftKings /zigman2/quotes/213120645/composite DKNG +0.18% shares worth $42 million on Tuesday, the same day the short-selling research firm Hindenburg alleged the company's gambling-technology unit operates in countries where gambling is banned. DraftKings says the subsidiary, SBTech, does not operate in any illegal market. The DraftKings purchases by Ark -- in the Ark Innovation ETF /zigman2/quotes/201846852/composite ARKW +1.31% and the Ark Next Generation Internet ETF /zigman2/quotes/204808965/composite ARKK +0.59% -- were the largest single stock purchase by the Cathie Wood-run fund manager on Tuesday.

/zigman2/quotes/213120645/composite
US : U.S.: Nasdaq
$ 49.33
+0.09 +0.18%
Volume: 7.04M
July 23, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$39.17 billion
Rev. per Employee
$236,358
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/zigman2/quotes/201846852/composite
US : U.S.: NYSE Arca
$ 148.19
+1.92 +1.31%
Volume: 722,591
July 23, 2021 4:00p
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/zigman2/quotes/204808965/composite
US : U.S.: NYSE Arca
$ 122.43
+0.72 +0.59%
Volume: 4.39M
July 23, 2021 4:00p
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