Cathie Wood’s Ark Takes Tiny Bite of Reddit During Trading Debut

Subrat Patnaik, Bloomberg News

The New York Stock Exchange prepares for Reddit's IPO.

, Photographer: Spencer Platt/Getty Images North America

(Bloomberg) -- Count Cathie Wood as a Reddit Inc. investor.

Wood’s Ark Investment Management took small positions in the social media platform as it rallied 48% in its market debut, purchasing shares in the San Francisco-based company for two of its exchange-traded funds.

The ARK Next Generation Internet ETF (ARKW) bought 5,914 shares, and the ARK Fintech Innovation ETF (ARKF) scooped up 4,068 shares, according to a March 21 trading update.

While ARK assets have slumped since the height of its popularity in 2021, famously successful bets on the likes of Tesla Inc. and AI mean Wood still retains a huge following of individual investors looking for her next big idea.

Read more: Reddit Soars 48% in Debut as AI Pitch Gets Warm Reception

Reddit’s IPO is the fourth-largest on a US exchange in 2024, adding to a revival in first-time share sales after two of the slowest years in a decade. The stock’s rally paused on Friday as the shares slipped 0.9%.

(Updates stock move in paragraph five.)