(Bloomberg) -- Cathie Wood’s exchange-traded funds sold 1.8 million shares in Zillow Group Inc. on Thursday, after dumping 3.9 million shares a day earlier.
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The stake was about $121 million, assuming Thursday’s closing price. It was from the Ark Innovation ETF and Ark Next Generation Internet ETF funds and reduced their Zillow weightings further below 1%.
Zillow’s stock has suffered as investors question its strategic goal of shifting from a company known for real estate listings to one that gets a bigger piece of the lucrative business around property transactions.
Ark’s daily trading updates provided figures for the portfolio changes without specifying buying and selling prices. They only show active decisions by the management team and don’t include creation or redemption activity caused by investor flows. For that reason, the firm’s exact trading activity may vary.
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