Cathie Wood reduced its stake in Walt Disney Co DIS on a day the media and entertainment company’s stock fell on fears related to the fast-spreading Omicron variant.
The popular money managing firm sold 93,598 shares — estimated to be worth $13.7 million — in the entertainment company’s stock that owns Disney parks and resorts and other properties.
This was the second such instance when Ark Invest sold shares of Walt Disney, a stock that it started buying in May this year when analysts pointed to benefits from the reopening of theme parks in 2021.
See Also: Cathie Wood Buys $26M Disney Shares And Sells $13M In Netflix: What You Need To Know
The latest sale lowers Ark Invest’s exposure in Walt Disney by 25%. The investment firm held a total of 370,648 shares — worth about $55 million — in Walt Disney stock, ahead of Monday’s trade.
The investment company owns Walt Disney shares via the Ark Next Generation Internet ETF ARKW and no other Ark ETF has an exposure in it.
Alphabet Inc GOOG GOOGL-owned YouTube and Disney on Sunday announced they had reached a new agreement. The development follows a day after Disney-owned channels went dark on the video streaming service Friday night as the two companies couldn't reach an agreement before the contract expired.
See Also: YouTube TV Drops Disney Channels After Contract Negotiations Fail
Disney shares closed 1.56% lower at $146.47 a share. The stock is down 17.6% year-to-date.
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