Cathie Wood's ARK Sells $7M in Meta Shares

Cathie Wood's ARK Investment Management has reduced its stake in Meta Platforms, selling 12,595 shares on March 17 and an additional 2,160 shares shortly after, marking the first sale of Meta stock in nearly a year. This reduction reflects a broader downturn in major US tech stocks, with Meta now the last among the 'Magnificent Seven' to fall into negative territory for the year, largely due to competitive pressures and geopolitical concerns. Despite the sales, ARK still holds over 250,000 shares valued at nearly $150 million. Alongside this divestment, ARK has increased investments in AI-focused companies like GitLab and Tempus AI, signaling a strategic shift towards sectors expected to grow. Analysts have noted that the decline in Meta's stock is part of a larger trend affecting tech stocks amid changing market sentiments. Wood's trades often influence stock momentum, highlighting her ongoing focus on innovative technologies.