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Benzinga
Benzinga
Business
Rachit Vats

Cathie Wood Cuts Twitter Stake By 85% As Elon Musk Bulks Up Takeover Financing — Also Trims Tesla

Cathie Wood Elon Musk Ark Invest NYSE ARK Nasdaq Tesla Inc. Twitter Inc.

Cathie Wood-led Ark Invest Management on Thursday sold a bulk of the shares it held in Twitter Inc (NYSE: TWTR) on the day Tesla Inc (NASDAQ: TSLA) CEO Elon Musk secured $7.14 billion from 19 investors to fund his $44 billion purchase of the microblogging site.

St. Petersburg, Florida-based Ark Invest sold 874,926 shares, estimated to be worth $44 million, held in the social media company. The latest sale lowers Ark Invest’s exposure to Twitter by about 85%.

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