Cathie Wood buys over $45M in Robinhood stock on first day of trading

Cathie Wood sunk more than $45 million into Robinhood, apparently unshaken by the commission free-trading app’s disappointing first day of trading.

Wood’s flagship $25.5-billion ARK Innovation fund purchased almost 1.3 million shares of the company on Thursday, according to ARK Investment Management’s daily trading report. Based on Robinhood’s closing price of $34.82 per share — down 8.37 percent from its opening price — on Thursday, that gives ARK a more than $45 million stake in the company.