To The Moon

Cathie Wood’s Ark Investment Management LLC is cutting its stake in Meta Platforms Inc. for the first time in around a year, the latest sign of a downturn in fortunes for big US tech stocks.

Wood’s flagship Ark Innovation ETF sold 12,595 shares of the Facebook parent on March 17 and 2,160 shares on Tuesday, marking the firm’s first sales of the stock at least since March of last year, Ark Investment Management’s data compiled by Bloomberg show.

Ark funds held more than 460,000 shares of the social media company as of Dec. 31. They had been buying the stock for much of last year.

Wood’s sales underscore the pressures faced by the so-called Magnificent Seven tech stocks, which powered a breakneck rally in the US equity market before recently losing steam. She has been widely known for her aggressive bets on disruptive technologies, and achieved rock-star investor status with outsized gains from her flagship fund in 2020 and early 2021.

Meta’s stock turned negative for the year on Tuesday, becoming the last of the Magnificent Seven stocks to lose its year-to-date gain. Investors have been dumping their shares on fears over US President Donald Trump’s tariffs and competitive threats from Chinese startup DeepSeek’s advancements in artificial intelligence.

The Bloomberg Magnificent 7 Total Return Index, which carries Apple Inc., Microsoft Corp., Nvidia Corp., Amazon.com Inc., Tesla Inc., Alphabet Inc. and Meta, is down 16% this year.