Cathie Wood's flagship ARK innovation ETF has reduced its holdings of Meta stocks for the first time in nearly a year

Cathie Wood's Ark Investment Management is reducing its stake in Meta Platforms (META. O) for the first time in about a year, and the latest sign of the troubled fate of major US tech stocks. Wood's flagship ARK Innovation ETF reduced its holdings of 12595 Meta shares on March 17th and 2160 shares on Tuesday, marking the first time the company has reduced its holdings of the company's stock since at least March last year. As of December 31st, Ark Fund holds over 460000 shares of Meta stock. They spent most of last year buying this stock. Wood's reduction in holdings highlights the pressure faced by the seven tech giants, whose stocks have recently lost momentum.