Cathie Wood-led Ark Investment Management on Monday sharply lowered its exposure in Twitter Inc (NYSE: NYSE:TWTR) as it dumped 517,882 shares — estimated to be worth $18.4 million based — in the social media company that it was bullish on until late last year.
Twitter stock closed 0.74% higher at $35.5 a share on Monday. Shares of the company have been under pressure lately and are down 22.3% since Parag Agarwal was named CEO on Nov. 29.
Including the latest sale, the popular stock-picking firm known for bets in Tesla Inc (NASDAQ: TSLA) and others, sold 9.25 million shares in Twitter in February.
The latest sale lowers Ark Invest’s exposure in Twitter by about 22.5%, based on shares that it held prior to Monday’s trade.
Ark Invest owns shares in Twitter via two of its active exchange-traded funds — the Ark Next Generation Internet ETF (NYSE: ARKW) and the Ark Fintech Innovation ETF (NYSE: ARKF).
See Also: Cathie Wood Sells Yet Another $12M In Twitter Shares Ahead Of Social Media Company's Q4 Earnings Report
The two ETFs held 2.3 million shares — worth $81.3 million — in Twitter, prior to Monday’s trade.
Twitter has recently expanded its feature that allows users to send tips through their mobiles using an Ethereum (CRYPTO: ETH) address. The feature was piloted on iOS in September and let users send and receive tips in Bitcoin (CRYPTO: BTC).
Wood is bullish on both Bitcoin And Ethereum and views them as great assets for diversification in 2022. The popular stock picker has been buying shares in crypto-led fintech companies.
The 37-year old Agrawal was named CEO in November after Twitter co-founder Jack Dorsey’s surprise resignation. Ark Invest had scooped over 1.1 million shares in the company after Dorsey stepped down.
Here are a few other key Ark Invest trades on Monday:
- Sold 318 shares — estimated to be worth $976,660— in Amazon.com Inc (NASDAQ: NASDAQ:AMZN). The e-commerce giant’s stock closed 0.15% lower at $3,071.3 a share on Monday and is down about 10% YTD.
- Bought 45,237 shares—estimated to be worth $8.6 million— in Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN). Shares of the fintech firm that deals in Bitcoin and other cryptocurrencies closed 7.8% higher at $190.7 a share on Monday.
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