
Cathie Wood's Ark Invest purchased Netflix (NFLX) shares for the first time after the stock dropped 10% following third-quarter earnings results. The Ark Next Generation Internet ETF (ARKW) acquired 15,756 NFLX shares worth $17.5 million, making Netflix the fund's 40th-largest holding with a 0.77% allocation.
The streaming giant missed earnings estimates due to a one-time charge related to a Brazilian tax dispute. Wood's move indicates confidence in Netflix’s long-term potential despite near-term volatility.