ARK Investment Management purchased more than 1 million shares of Twitter Inc a day after its former CEO Jack Dorsey stepped down from the company.

According to the firm’s daily trade report, ARK acquired 1.1 million Twitter shares worth $48.9 million at Tuesday’s closing price of $43.94.

Shares of Twitter Inc lost 3.4% of their value after opening lower on Wednesday. On Monday, after Twitter its Chief Technology Officer Parag Agrawal as the CEO, its shares closed down by 2.7%.

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