Asset management firm Ark Invest snatched $42 million worth of shares of sports betting operator DraftKings Inc. on Tuesday, MarketWatch reported.
The transactions were made through the ARK Innovation ETF and the ARK Next Generation Internet, and marked the largest single-stock purchases by Ark Invest on Tuesday.
The purchase was made the same day short seller Hindenburg Research said DraftKing’s subsidiary SBTech gives investors exposure to money laundering and organized crime.
DraftKings maintained that it conducted due diligence in its subsidiary before the 2020 transaction, and noted that the report was made by someone with bets against SBTech.
DKNG is up 0.70%; ARKK is down 0.46%; and ARKW is up 0.23%.
