Investment luminary Cathie Wood’s Ark Investment Management unloaded almost 4 million shares of social media titan Twitter (TWTR) Monday.
The selling came three days ahead of Twitter’s fourth-quarter earnings report.
The flagship Ark Innovation ETF (ARKK) sold 3.66 million shares, while Ark Next Generation ETF (ARKW) discarded 280,794 shares, various media report.
The Ark Innovation discard was worth $132 million as of Monday’s close and about the same in recent trading. The Ark Next Generation bloc was worth about $10 million at Monday’s close and in recent trading.
It was the most shares Ark sold in a single day since at least May, Bloomberg reports.
Ark funds bought 1.11 million shares of Twitter Nov. 30, as the stock fell after co-founder Jack Dorsey announced he was stepping down as CEO.
But since then, Ark has dumped Twitter stock almost every week since late December, and the sales have grown bigger this month, according to Bloomberg. Ark sold more 700,000 shares Feb. 2 and more than 2 million shares the next day.
Twitter shares have dropped along with many other technology stocks in recent months, as investors anticipate interest-rate increases from the Federal Reserve. Rising rates hurt tech stocks by making their future earnings stream less attractive compared to safe assets like Treasury bonds.
Twitter stock has dropped 47% over the last six months.
Wood has sought to reassure her investors in recent weeks that the decline in tech stocks is a buying opportunity. “The important thing to keep in mind is the long-term horizon that we invest in,” she told investors last month. “We have a five-year horizon. I’ve never seen innovation on sale like it is today.”
