Ark Invest CEO Cathie Wood seems to be pulling out from software company Palantir Technologies (NYSE: PLTR). On Tuesday, the tech bull dumped 11.76 million shares on the company.
This is on top of the approximately 18.28 million shares sold by the investment firm last week. Currently, Wood only holds around 0.29 million Palantir shares across all funds she’s managing.
All in all, the ARK ETF asset manager apparently lost approximately US$380 million on the Palantir investment so far.
After buying Palantir shares regularly over the year, Wood pulled out the sizable amount of investment at the time that the software firm’s prices are trading its lowest since its IPO in September 2020.
Just in an interview in August 2021, Wood rallied behind the investment, touting Palantir as “advanced technologically.”
In a CNBC interview a day before dumping Palantir shares, Wood reaffirmed her contested statement that innovation stocks “are not in a bubble.” She added that she believes “innovation is in bargain-basement territory.”
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Palantir last traded at US$10.48, down 22.07% in the last 5 days.
Information for this briefing was found via Seeking Alpha. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
