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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 -0.17% 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 +1.20% and the Ark Next Generation Internet ETF /zigman2/quotes/204808965/composite ARKK +0.79% -- were the largest single stock purchase by the Cathie Wood-run fund manager on Tuesday.

/zigman2/quotes/213120645/composite
US : U.S.: Nasdaq
$ 50.57
-0.09 -0.17%
Volume: 5.16M
July 29, 2021 1:49p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$40.22 billion
Rev. per Employee
$236,358
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/zigman2/quotes/201846852/composite
US : U.S.: NYSE Arca
$ 150.48
+1.78 +1.20%
Volume: 1.29M
July 29, 2021 1:48p
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/zigman2/quotes/204808965/composite
US : U.S.: NYSE Arca
$ 122.31
+0.95 +0.79%
Volume: 2.73M
July 29, 2021 1:49p
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