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Ark Invest's flagship fund has dumped 7 million shares of Zillow since the online real estate firm shuttered its home-flipping business

Ark Invest's flagship fund has dumped 7 million shares of Zillow since the online real estate firm shuttered its home-flipping business
Catherine Wood, chief executive officer and chief investment officer, Ark Invest, speaks during the Milken Institute Global Conference on October 19, 2021 in Beverly Hills, California.Photo by PATRICK T. FALLON/AFP via Getty Images

Ark Invest is still selling Zillow after the firm revealed it's leaving the home-flipping business.



Ark's flagship ETF has sold nearly 7 million shares over the past two weeks amid the decline in Zillow.



"When there is a fundamental change in the story, like Zillow's decision to abandon iBuying, that violated one of our theses," Cathie Wood said.

Ark Invest is doing something it rarely does with its holdings a?? sell when the going gets tough rather than snap up more shares when a stock dips.A From Robinhood to Zymergen, Cathie Wood's disruption-themed investment management company has often stuck by its holdings and bought the dip whenever a high-growth company stumbled and saw a sizable stock price decline.When it comes to Zillow, though, Ark has steadily pared down its stake after the online real estate firm announced that it's exiting the home-flipping business earlier this month. That news, coupled with an earnings report that missed analyst expectations, sent the stock down 40% in short-order.Ark's flagship Disruptive Innovation ETF sold 31,361 Zillow shares on Wednesday, bringing its remaining position to just 828 shares worth about $50,000 on Thursday. The same ETF owned about 6.8 million Zillow shares at the start of November.
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