Technology

Cathie Wood's ARK Invest Sells Nearly 300,000 Shares of Apple

Chris Lange

Published: May 6, 2021 10:15 pm

Last Updated: May 7, 2021 11:45 am

One ARK Invest exchange-traded fund run by ETF star Cathie Wood sold nearly 300,000 shares of Apple Inc. (NASDAQ: AAPL) on Thursday, as the share price of this fund traded down about 2% in Thursday’s session. The ETF is up right around 100% in the past year.

ARK Fintech Innovation ETF (NYSEARCA: ARKF) sold 298,505 shares of Apple. At Thursday’s closing price, this would have valued this sale at roughly $38.7 million. This is only a small fraction of the total holdings. This fund has roughly doubled over the past 52 weeks.

24/7 Wall St. recently reported on Apple:

Maybe Apple … expected this and figured it would cause a kerfuffle for a day or two before disappearing: The company’s new AirTags location devices are not just useful for finding your lost car keys, but they also can easily be slipped into a purse or car and used to track you, wherever you are and wherever you’re going.

A Washington Post reporter wanted to see how this could be done so he asked a co-worker to pretend to stalk him. His conclusion: “Apple’s efforts to stop the misuse of its trackers just aren’t sufficient.” Apple has built-in technology to warn potential stalking victims, but the warnings are not completely effective.

Apple’s vice president of iPhone marketing, Kaiann Drance, told the paper, “It’s a smart and tunable system, and we can continue improving the logic and timing so that we can improve the set of deterrents.” In other words, Apple probably knew about this, knew that its countermeasures were insufficient and figured it could get the AirTags out the door and fix the problems in the next release.

Meanwhile, in the Oakland, California, courtroom where Apple is defending itself against charges of anticompetitiveness, documents were introduced Wednesday showing steps Apple considered to prevent Netflix from testing whether the streaming service should drop in-app purchases from the Netflix app downloaded from the App Store. The emails are dated between February and April of 2018. In December of that year, Netflix removed from the app the capability to subscribe to Netflix from within the app.

Catherine Wood, the CEO and CIO of ARK Investment Management LLC, is a minority and nonvoting shareholder of 24/7 Wall St., owner of a673b.bigscoots-temp.com.