Cathie Woods Ark Dumps Almost All Its Remaining Twitter Shares

© Reuters. Cathie Woods Ark Dumps Almost All Its Remaining Twitter Shares

(Bloomberg) -- Cathie Woods famous faith in Elon Musk doesnt appear to extend to his potential leadership of Twitter Inc (NYSE:TWTR).

Funds managed by Woods Ark Investment Management had already been selling the social-media platform this year even before the Tesla (NASDAQ:TSLA) Inc. co-founder struck a deal to take Twitter private. On Thursday, when Twitter was one of the few stocks that gained amid a vicious rout, the funds sold a further 875,000 shares, nearly eliminating all of their remaining Twitter holdings.

The Ark Next Generation Internet ETF (ticker ARKW), which had about 5% in Twitter at the end of last year, cut its stake to about 2% by this week and then almost entirely disposed of it on Thursday, according to data compiled by Bloomberg.

The Fintech Innovation ETF (ARKF), which has maintained Twitter at about 1% this year, also trimmed its stake Thursday to 0.7%. The flagship Innovation ETF (ARKK) had already eliminated its Twitter holdings by mid-February.