Jack Dorsey Effect? Cathie Wood Makes Massive Sales In Twitter In First 2 Days Of 2022

Cathie Wood’s Ark Investment Management has significantly lowered exposure to $Twitter (Delisted)(TWTR.US)$ in the first two days of the new year, a sharp departure from a month ago when the popular money managing firm piled up over a million shares in the micro-blogging site a day after its co-founder Jack Dorsey stepped down as CEO.

The St. Petersburg, Florida-based Ark Invest has sold 2.35 million Twitter shares — estimated to be worth $96.5 million based on each day’s closing— iin the first two trading days of the year.

Ark Invest held 15.1 million shares — worth $644 million — in Twitter, prior to Tuesday’s trade via three of its active ETFs.

On Tuesday alone, Wood’s firm sold 1.98 million shares in Twitter, implying the exposure was lowered by 13.2%.

The micro-blogging company’s stock closed 4.2% lower at $40.9 a share on Tuesday. The stock is down 24.2% over the past year.

Three Ark Invest ETFs — the $ARK Innovation ETF(ARKK.US)$ ,the $ARK Next Generation Internet ETF(ARKW.US)$ and the $ARK Fintech Innovation ETF(ARKF.US)$ — own shares in Twitter.

Dorsey stepped down as CEO from the San Francisco, California-based company on Nov. 29 and the company board named Chief Technology Officer Parag Agrawal as CEO.

Dorsey, who co-founded Twitter in 2006, also serves as CEO of payments processing company $Block(SQ.US)$ , a company he founded in 2009.

Wood in an interview with CNBC last month said she sees the development as positive.

"The new CEO has been there for a while and we like — under his leadership —what they are doing from a monetization point of view," Wood told CNBC.