- ARK Investment Management bought nearly 8.3M shares of Ginkgo Bioworks (NYSE:DNA) for two of its funds as the stock tumbled yesterday.
- The stock is down another 2.5% in premarket trading. It lost 11.6% Wednesday after Scorpion Capital issued a harshly critical short report.
- Cathie Wood's shop bought more than 6.7M shares of DNA for the flagship ARK Innovation ETF (NYSEARCA:ARKK) and more than 1.5M shares for the ARK Genomic Revolution Multi-Sector ETF (BATS:ARKG).
- Scorpion Capital called the company a "colossal scam."
- Based on 21 interviews of former employees and current executives, Scorpion says Ginkgo is a "house of cards" and "one of the most brazen frauds of the last 20 years."
- Ginkgo (DNA) stock is now below the close when it first started trading as a combined company just last month after a SPAC deal.