ARK sells most Twitter shares in one day
Kathy Wood’s firm, ARK Investments Management LLC, sold roughly 4 million Twitter shares on Monday, the largest in a single day since at least May.
According to Wood’s daily trading updates, the ARK Innovation ETF sold 3.66 million Twitter shares, while the ARK Next Generation Internet ETF sold over 280,000 shares.
Fund struggling after 150% growth in 2020
Peers on social media have had different reactions to the deal. Last week, Meta Platforms Inc. experienced the biggest one-day drop in stock market history when its user base stopped, while Snap Inc. surged the most after reporting quarterly sales that exceeded Wall Street’s expectations.
Since the end of December, ARK has been selling Twitter shares practically every week, and sales have picked up this month as well. Wood’s oft-repeated credo is that ARK invests with a five-year time horizon, which is expected given the stock’s volatility.
After investors began selling expensive tech equities in favor of cyclical firms expected to benefit significantly from the economic recovery, flagship fund ARK underperformed last year after skyrocketing nearly 150 percent in 2020.