Ark Invest's Cathie Wood bought more than one million shares of $Twitter(TWTR.US)$ following co-founder Jack Dorsey's departure from his role as CEO.
"The new CEO has been there for a while and we like — under his leadership —what they are doing from a monetization point of view," Wood said Wednesday on CNBC.
Parag Agrawal joined Twitter in 2011 and was appointed to chief technology officer in 2018. Twitter's board of directors unanimously voted to name Agrawal as CEO, effective immediately.
Beyond the positively viewed leadership transition, Wood said she likes Twitter's positioning as a verification platform.
"We think that is going to become huge with NFTs," Wood said. "The verification is what's going to make NFTs valuable."
"We're pretty excited about what's going to happen at Twitter," she added.
TWTR Price Action: Twitter has traded as high as $80.75 and as low as $43 over a 52-week period.
The stock was down 0.091% at $43.91 at time of publication Wednesday afternoon.