Ark Invest’s famous stock picker Cathie Wood recently sold almost all of the remaining Zillow shares in their main fund, warning that the recent battles on the digital real estate platform could be a sign of impending problems in the real estate market.
$ 60 billion (assets) founder and CEO Ark Invest sold just over 31,000 shares of Zillow from her Ark Innovation ETF on Wednesday.
Their flagship fund now holds fewer than 1,000 shares in Zillow, just weeks after owning just over 7 million shares valued at roughly $ 600 million earlier in the month.
Wood initially bought the Dip in Zillow after the company posted the company’s lackluster quarterly results on Nov. 3 and added over 200,000 shares to its main fund on the day the results were released.
However, it has since dumped its large stake in the company after it announced it would cease its home flipping business – called “Offers” – due to the “unpredictability” of the housing market.
The innovation investor described Zillow’s decision to stop flipping houses as a “warning” in the real estate market and cited this caution as the main reason behind her decision to sell the stock.
Zillow’s shares fell nearly 5% on Thursday to around $ 57 per share and have fallen more than 30% since the company’s quarterly earnings on Nov. 3.