Wood Dumps Amazon and Alphabet, Bets Big on Meta

Cathie Wood, manager of the popular ARK Innovation ETF (ARKK), has made significant changes to its holdings in the past week. Two stocks, Amazon (AMZN) and Alphabet (GOOG), have been sold off by Wood, while Meta Platforms (META) was a big purchase recently.

The sales included all remaining GOOGL class A shares on Sept. 15, followed by the sale of 1,784 shares on Sept. 11, and 11.7% of her GOOG shares on Sept. 14, worth around $13 million. The ETF also sold off a sizable chunk of its Amazon stock, dropping 20,000 shares or about 3.2%, valued at approximately $5.1 million.

Wood purchased roughly 38,000 shares of Meta on Sept. 9 for a stake valued at almost $25 million, increasing ARKK's position in Meta by almost 25%. Meta is now a larger holding than Alphabet, making up about 2% of the portfolio.