(Bloomberg) -- Cathie Wood stepped up selling of social media platform Twitter Inc. shares days before its earnings.
Most Read from Bloomberg
Amazon Is Raising Base Salary Cap to $350,000 From $160,000
Ottawa Declares Emergency as Protests Spin ‘Out of Control’
Meta Renews Warning to EU It Will Be Forced to Pull Facebook
Redistricting Is Taking the Swing Out of U.S. Swing States
Peter Thiel to Leave Meta Board to Pursue Trump Agenda
Wood’s firm ARK Investment Management LLC sold nearly 4 million Twitter shares on Monday, the most in one day since at least May, according to trading data from ARK compiled by Bloomberg. The social-media company 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.
The selling comes amid a mixed set of results from its social-media peers. Facebook’s parent Meta Platforms Inc. suffered biggest one-day crash in stock-market history last week as its user base stopped growing while Snap Inc. jumped most ever after giving a quarterly sales forecast that topped Wall Street’s projections.
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.
The firm’s daily trading updates show only active decisions by the management team and do not include creation or redemption activity caused by investor flows. Wood’s oft-repeated mantra is that ARK invests with at least a five-year time horizon, and that volatility in their equity picks is expected.
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.
Most Read from Bloomberg Businessweek
The Nuclear Industry Argues Regulators Don’t Understand New Small Reactors
The Rise of the $2.5 Billion Ugly-Shoe Empire
New Airline Bets You’ll Stop in Alaska for a Cheaper Flight to Asia
Nurses Who Faced Lawsuits for Quitting Are Fighting Back
Merck’s Covid Pill Fumble Gives Pfizer Potential $17 Billion Win
©2022 Bloomberg L.P.
