Cathie Wood’s Ark Investment Management has significantly lowered exposure to Twitter Inc (NYSE:TWTR) in the first two days of the new year, a sharp departure from a month ago when the popular money managing firm piled up over a million shares in the micro-blogging site a day after its co-founder Jack Dorsey stepped down as CEO.
The St. Petersburg, Florida-based Ark Invest has sold 2.35 million Twitter shares — estimated to be worth $96.5 million based on each day’s closing— iin the first two trading days of the year.
Ark Invest held 15.1 million shares — worth $644 million — in Twitter, prior to Tuesday’s trade via three of its active ETFs.
On Tuesday alone, Wood’s firm sold 1.98 million shares in Twitter, implying the exposure was lowered by 13.2%.
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The micro-blogging company’s stock closed 4.2% lower at $40.9 a share on Tuesday. The stock is down 24.2% over the past year.
Three Ark Invest ETFs — the Ark Innovation ETF (NYSE:ARKK), the Ark Next Generation Internet ETF (NYSE:ARKW) and the Ark Fintech Innovation ETF (NYSE:ARKF) — own shares in Twitter.
Dorsey stepped down as CEO from the San Francisco, California-based company on Nov. 29 and the company board named Chief Technology Officer Parag Agrawal as CEO.
Dorsey, who co-founded Twitter in 2006, also serves as CEO of payments processing company Block Inc (NYSE:SQ), a company he founded in 2009.
Wood in an interview with CNBC last month said she sees the development as positive.
"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 told CNBC.
Agrawal joined Twitter in 2011 and was named chief technology officer in 2018.
