Cathie Wood’s ARK Investment Management sold 1,85,900 shares of Twitter on Monday, extending her selling spree of the social media giant’s stock. ARK ETFs continued to sell twitter shares as Elon Musk decided against joining the board of the micro-blogging website. The value of the shares sold by Cathie Wood’s ARK at the end of yesterday’s closing price was above $8.7 million. Tesla CEO or as he prefers to be called, the Technoking of Tesla, Elon Musk purchased a 9.2% stake in Twitter earlier this month, making him the single largest shareholder of the firm. Shares of Twitter closed at $47.01 on Wall Street on Monday, falling 4.83%.

Cathie Wood continues selling spree

Star stock investor Cathie Wood has already been on a selling spree for Twitter stock. Over the course of this year, Cathie Wood’s ARK has sold shares of Twitter from its ARK Next Generation Internet ETF, ARK Innovation ETF, and the Ark Fintech Innovation ETF. The ARK Next Generation Internet ETF currently holds a little over 1 million shares of Twitter, while Fintech Innovation ETFs holds just over 300,000 shares of the company. This is after Cathie Wood has sold around 90% of her holding in the stock, through the last few months.

The sharp drop in ARK’s Twitter holdings made Cathie Wood’s ETFs miss out on the sharp rally that was fuelled by Elon Musk’s entry into the company. The stock had risen 27% earlier this month when Elon Musk disclosed he had purchased the stake. Since then, the scrip has fallen nearly 6%. So far this year, Cathie Wood’s funds have had a troubled ride on Wall Street. Various ARK ETFs are down 8-25% so far this year.

Elon Musk mutes Twitter Board

Cathie Wood’s selling spree of Twitter stock continues as Elon Musk declined to join Twitter’s board, despite being their single largest shareholder. The news was broken to the world yesterday by Parag Agrawal, the chief executive of the social media platform. Agrawal tweeted saying that the board had discussions about Elon Musk’s appointment last week and he was set to join his duties as a board member on Saturday. However, Musk conveyed his decision to not join the board the same day. This comes just a week after Elon Musk had accepted the position and said he would “make significant improvements to Twitter in coming months.”

Despite his decision not to join Twitter’s board, Elon Musk will continue to remain the largest single shareholder of the company.