Cathie Wood’s firm ARK Investment Management sold off a huge chunk of social media platform Twitter Inc. shares days before its earnings.
ARK Investment Management LLC sold nearly 4 million Twitter shares on Monday, the most in one day since at least May.
Twitter is set to announce its earnings on Thursday.
Wood’s flagship ARK Innovation ETF dumped 3.66 million shares of Twitter on Monday, while the ARK Next Generation Internet ETF sold more than 280,000 shares, according to the asset manager’s daily trading updates.
That amounted to about $142 million based on Monday’s closing level.
ARK has been selling Twitter shares almost every week since late December and its sales have picked up pace this month.
Apart from Monday, ARK sold more than 2 million shares of Twitter on Feb. 3 and more than 700,000 shares on Feb. 2.
ARK’s flagship fund has struggled in the past year after advancing nearly 150% in 2020, after investors started dumping pricey tech stocks and switching to cyclical firms expected to be bigger beneficiaries of an economic recovery.
