Cathie Wood-led Ark Investment Management on Tuesday significantly lowered its exposure in Twitter Inc (NYSE:TWTR), a stock it has been selling since the start of the year.
Ark Invest sold 993,868 shares — estimated to be worth $35.75 million — in the San Francisco, California-based company.
Twitter shares closed 0.2% lower at $35.98 a share on Tuesday. The stock is down about 16% so far this year.
Ark’s latest series of share sales on Twitter comes ahead of the company’s scheduled quarterly financial results on Thursday.
The popular firm had on Monday sold 3.94 million Twitter shares.
Ark owns shares in the company via three Ark ETFs — the Ark Innovation ETF (NYSE:ARKK), the Ark Next Generation Internet ETF (NYSE:ARKW) and the Ark Fintech Innovation ETF (NYSE:ARKF).
The three ETFs held 4.18 million — worth $150.8 million — in Twitter, prior to Tuesday’s trade.
Based on the shares that it held, Ark Invest lowered its exposure in Twitter by an estimated 23.7% on Tuesday.
Twitter had last month debuted a verified non fungible token profile picture option for users to link their Ethereum (CRYPTO: ETH) wallets with their Twitter accounts to see a list of the NFTs they own.
The move seemed to have found popularity with a large number of users but also faced high-profile criticism from the likes of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk over concerns related to prioritization of valuable engineering resources at a time when the platform is rife with cryptocurrency scams.
Twitter also made some key leadership changes last month, a first after co-founder Dorsey stepped down as chief executive in November, leaving the company veteran Parag Agrawal as CEO.
Ark also bought 771,062 shares — estimated to be worth $10.3 million — in Robinhood Markets Inc (NASDAQ:HOOD) on Tuesday.
Robinhood shares closed 3.8% lower at $13.4 a share on Tuesday. The stock is down over 27% year-to-date.
Ark Invest has been piling up shares in fintech stocks that enable trading in cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum and Dogecoin (CRYPTO: DOGE) others.
