"Reddit's IPO: Cathie Wood's Ark Funds Make Initial Investment Amidst Questions"

Cathie Wood's Ark Investment Management took small positions in Reddit Inc. during its market debut, purchasing shares for two of its exchange-traded funds. The ARK Next Generation Internet ETF bought 5,914 shares, and the ARK Fintech Innovation ETF scooped up 4,068 shares. Despite a slump in ARK assets, Wood's successful bets on companies like Tesla Inc. and AI have maintained her popularity among individual investors. Reddit's IPO is the fourth-largest on a US exchange in 2024, contributing to a revival in first-time share sales after two slow years.