Cathie Wood's Ark Invest purchased over 108,000 shares of Figma (FIG) through its ARK Next Generation Internet ETF (ARKW) after the design software company's stock plummeted nearly 20% following its disappointing first earnings report as a public company.
The dramatic fall came after an equally spectacular rise. FIG stock more than tripled on its NYSE debut, opening at $85 and briefly touching $112 before closing at $115.50 for a 250% gain. Earlier this year, it raised $1.2 billion in its IPO, pricing shares at $33 after initially targeting a range of $25 to $28. However, Figma's Q2 results and forward guidance fell short of Wall Street expectations, triggering the sharp selloff that caught Wood's attention.
