Ark Invest buys $32 million worth of SpaceX shares as stock plunges 16%

Ark Invest has made a notable move by purchasing $32 million worth of SpaceX shares despite the company's stock experiencing a significant 16.43% drop, closing at $154.60 on Monday. This aggressive buying strategy during a period of substantial decline suggests confidence in the company's long-term prospects, possibly betting on a rebound in the near future. The stock's plunge also erased most of the gains since its debut in June, highlighting the volatile nature of the market for high-growth tech firms. This investment underscores a strategic bet by Ark Invest on SpaceX's innovative potential amidst market turbulence.