ARK Invest Sold More Twitter, Bought More Block Shares in Tech Rout

  • ARK Invest sold another $74.1 million in Twitter shares on Thursday, after Wednesday’s near $26.5 million sale.
  • ARK scooped up more Block stock, bringing its purchases over two days to $94 million as it invests further in crypto.
  • Tech stocks have come under immense pressure in the last month as the markets suffered a broad selloff.

Cathie Wood’s ARK Invest sold more shares in social media platform Twitter on Thursday, according to a daily trading update from the company.

ARK’s series of funds sold a combined 2 million shares in Twitter for $74.1 million on Thursday, when the Nasdaq 100 staged its biggest one-day drop in about 17 months after Facebook parent Meta’s disappointing earnings. 

Wood’s funds already sold $26.5 million in Twitter stock the previous day. At the same time, it’s doubling down on its holdings of online payments company Block, previously known as Square. 

Block, which is run by Twitter founder Jack Dorsey, has been caught up in the rout in tech stocks this year, has fallen by nearly 40% so far this year, compared with a 22% fall in Twitter. Block also has direct exposure to bitcoin and other cryptocurrencies, which have been dragged lower, as investors have booked profits on last year’s stellar gains. 

Wood, who is a big proponent of cryptocurrencies, bought another 300,000 shares in Block for $31.7 million on Thursday. Her funds previously bought almost 550,000 shares in the company for about $62.6 million on Wednesday. 

Even as bitcoin has struggled to hold above $37,000 and ether – the second-biggest digital coin – has remained below $2,800, Wood is still a fan. “We have high conviction in both,” she said in a Tuesday forum on the Public trading app.

“Bitcoin is the most profound application of public blockchains, the foundation of ‘self-sovereign’ digital money,” Wood wrote in the forum. She said bitcoin has started a revolution for decentralized finance and the future internet.

Read more: Should you buy the Meta dip? 4 experts weigh-in on whether this is a chance to grab shares in the tech giant at a bargain price or to run for the hills as TiKTok takes over

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