TheBlock
Ark Invest bought $21 million of Block Inc. on Thursday, along with $2.3 million of SpaceX shares. Block stock fell 6.15% that day after the company posted rising operating expenses in Q2.
The decline came despite a 40% workforce cut in February. The result is a split signal: Ark was buying while the market marked down Block shares over higher costs.
Frequently asked questions
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How much did Ark Invest spend on SpaceX shares?
Ark Invest bought $2.3 million worth of SpaceX shares on Thursday.
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What prompted Block's 6.15% stock decline?
Block's stock fell after the company posted rising operating expenses in Q2.
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How large was Block's February workforce cut?
Block cut 40% of its workforce in February.
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What makes Ark's purchases a split signal for Block?
Ark was buying Block while the market marked down its shares after Q2 operating expenses rose.
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What did Block's Q2 expenses do after the February cuts?
Block posted rising operating expenses in Q2 despite cutting 40% of its workforce in February.
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