Ark Invest buys $21 million in Block stock after shares drop 6% on rising costs

Cathie Wood's Ark Invest purchased $21 million worth of Block stock after the company's shares fell 6.15% on Thursday. The drop came as Block reported rising operating expenses in Q2, despite having cut 40% of its workforce in February. The purchase signals Ark Invest's bet on a rebound in the fintech company's stock.