Cathie Wood Adjusts the Ark Portfolio Away From Twitter
  • 2 years ago
Ark Investment ($ARKK@US) Management’s Cathie Wood has been investing heavily in the crypto world, looking at stocks and tokens. Ark Invest sold nearly 1 million shares of Twitter ($TWTR@US), worth nearly $36 million. For its part, Twitter closed slightly lower on Tuesday and has lost 16% this year. Twitter’s quarterly report is coming on Thursday, and it appears that Ark Invest is not optimistic about the platform, especially as it released NFT profile pics—which have been unpopular in the general social conversation. In total, Ark has sold nearly 4 million shares of Twitter, covering multiple ETFs. These changes are coming as public backlash against Twitter even comes from corporate elites. Elon Musk lashed out at the social media giant, claiming it was wasting resources on frivolous programs. Moreover, Jack Dorsey stepped down from the firm at the end of 2021, leaving the company in a massive state of flux as it attempts to roll out new programs and expand. All this may lead to some bullishness on the part of investors. At press time, Twitter was trading at nearly $36 per share has gained over 1% in early trading.
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