Cathie Wood-led Ark Investment Management on Wednesday further lowered its exposure in Twitter Inc (NYSE:TWTR), a day before the microblogging company is scheduled to report its financial results for the latest quarter.
Ark Invest sold 315,130 shares — estimated to be worth $11.9 million — in the San Francisco, California-based company.
Twitter stock closed 5.11% higher at $37.8 a share on Wednesday. The stock has been under pressure lately and is down 19.7% since Parag Agarwal was named CEO on Nov. 29.
The popular investment firm has sold about 4.5 million Twitter shares this week. The latest sale lowers the exposure in the company by about 10%, based on shares that it held prior to Wednesday’s trade.
Ark Invest owns shares in Twitter via three of its active exchange-traded funds — 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 3.2 million shares — worth $115 million — in Twitter, prior to Wednesday’s trade.
The 37-year old Agrawal was named CEO after Twitter co-founder Jack Dorsey’s surprise resignation.
Twitter is scheduled to report quarterly financial results on Thursday before the opening bell.
Here are a few other key Ark Invest trades on Wednesday:
