Cathie Wood-led Ark Invest Management on Monday sold most of its remaining stake in Twitter Inc (NYSE: TWTR), just days after Tesla Inc (NASDAQ: TSLA) CEO Elon Musk raised about $7 billion to help fund his $44 billion take-private deal of the microblogging site.
St. Petersburg, Florida-based Ark Invest sold 135,163 shares in Twitter, estimated to be worth $6.48 million, as of their last close.
Following that, Ark Invest owns 2,188 shares in the social media company. It held over 15 million shares at the start of the year.
Ark Invest currently holds Twitter shares via two of its six actively traded exchange funds — the Ark Next Generation Internet ETF (NYSE: ARKW) and the Ark Fintech Innovation ETF (NYSE: ARKF).
The two ETFs held 137,351 shares of Twitter, worth $6.84 million, before Monday's trade.
See Also: Cathie Wood Cuts Twitter Stake By 85% As Elon Musk Bulks Up Takeover Financing — Also Trims Tesla
Ark has significantly trimmed its stake in Twitter this year, just months after placing huge bets on the microblogging site. On Monday, it slashed its exposure by 85% just as the world's richest man moved forward with bulking up finance to close the mega-deal.
Musk and Twitter have reportedly been sued by a Florida pension fund seeking to stop the billionaire entrepreneur from completing his $44 billion takeover before 2025.
Musk, who owns a more than 9% stake in Twitter, recently sold shares worth $8.5 billion in Tesla, likely to fund his purchase.
