Ark Invest snapped up DraftKings stock after short-selling firm alleged illegal activity

Ark Invest disclosed that it purchased DraftKings DKNG, +1.25% shares worth $42 million on Tuesday, the same day the short-selling research firm Hindenburg alleged the company’s gambling-technology unit operates in countries where gambling is banned. DraftKings says the subsidiary, SBTech, does not operate in any illegal market. The DraftKings purchases by Ark — in the Ark Innovation ETF ARKW, +2.94% and the Ark Next Generation Internet ETF ARKK, +3.40% — were the largest single stock purchase by the Cathie Wood-run fund manager on Tuesday.

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