Cathie Wood adds Roblox during drop, continuing trend of buying stocks on big dips

Ark Invest CEO Cathie Wood is trying to capitalize on weakness in gaming company Roblox, buying more than $11 million of the shares as the stock sank 8%.

Wood purchased 134,250 shares of Roblox in the ARK Next Generation Internet exchange-traded fund on Wednesday, her firm said. The position was worth roughly $11.1 million based on the stock's closing price of $82.59 per share.