Investing

Cathie Wood's ARK Invest Sells Nearly $50 Million Worth of Shopify

A couple of ARK Invest exchange-traded funds run by ETF star Cathie Wood sold over 34,000 shares of Shopify Inc. (NYSE: SHOP) shares on Wednesday, as the price of these ETFs dropped sharply in Wednesday’s session. The funds each just turned negative for their performance over the past year.

ARK Innovation ETF (NYSEARCA: ARKK) sold 29,621 shares, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) sold 4,530 shares. At Wednesday’s closing price, this would have valued these sales at roughly $49.9 million. This is only a small fraction of the total holdings. The innovation fund is down 11% in the past 52 weeks, and the other is down 2%.

Here are all the sales across ARK Invest funds on Wednesday:

Fund Ticker Name Shares
ARKF COIN COINBASE GLOBAL 17,026
ARKF OPEN OPENDOOR TECHNOLOGIES 387,751
ARKF AMZN AMAZON.COM 1,992
ARKG IOVA IOVANCE BIOTHERAPEUTICS 42,230
ARKG REGN REGENERON PHARMACEUTICALS 6,460
ARKG CDXS CODEXIS 121,400
ARKG INCY INCYTE 187,064
ARKK SHOP SHOPIFY 29,621
ARKW SHOP SHOPIFY 4,530
ARKX LMT LOCKHEED MARTIN 3,658

Catherine Wood, the CEO and CIO of ARK Investment Management, is a minority and nonvoting shareholder of 24/7 Wall St., owner of 247wallst.com.

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