Cathie Wood unloads shares of Twitter and Pinduoduo as both hit 52-week lows
ayo888/iStock via Getty Images


Cathie Wood, CEO of ARK Invest, dumps nearly 2 million shares of Twitter (NYSE:TWTR) on Tuesday as the stock touched a 52-week low yesterday. Twitter fell to $40.36 a share, its lowest level since Nov. 3, 2020.
Wood sold 1.9M shares of the social media giant through her flagship fund ARKK Innovation ETF (NYSEARCA:ARKK) and another 69K shares of TWTR in ARK Next Generation Internet ETF (NYSEARCA:ARKW).
According to ARK's trade records, ARKK has a 2.16% weighting towards TWTR, making the stock its 18th largest holding. ARKW on the other hand, has a 4.62% weighting in TWTR, making it the fund's eighth-largest holding.
Twitter has now dropped 32.8% since the beginning of Q4, dating back to Oct. 1. Moreover, ARKK concluded yesterday's trading down 4.4% and is -0.7% in pre-market trading. ARKW ended yesterday's session -3.7% and is down another 1.3% in the pre-market.
Outside of Twitter, Wood also sold another 250K shares of Pinduoduo Inc. (NASDAQ:PDD), which also touched a 52-week low yesterday. PDD hit 49.04 a share, a point it had not seen since May 7, 2020.
Wood sold shares of PDD through ARK Fintech Innovation ETF (NYSEARCA:ARKF), which closed yesterday -4.2% and is -0.7% in pre-market trading.
Wood and her actively managed ETFs remain under pressure as yields continue to climb higher.