Cathie Wood Offloads $8.6M Of Shopify Stock Following Bumper Cyber Monday — Also Trims Stake In This Game Engine Maker

Cathie Wood-led ARK Investment Management sold over 198,000 shares of Shopify Inc SHOP at an estimated valuation of $8.6 million based on Thursday’s closing price. The sale was done through the flagship ARK Innovation ETF ARKK.

Shopify is the sixth largest holding of the ETF with a weight of 4.8%, according to data on ARK’s website.

Also Read: How To Invest In Startups

The company’s stock gained over 18% in last five days. Shopify had announced a record-setting Black Friday-Cyber Monday weekend, with sales of $7.5 billion from independent businesses worldwide. The company said it’s a 19% increase in sales from the $6.3 billion during Shopify’s Black Friday Cyber Monday weekend in 2021. Fifty two million consumers worldwide purchased from independent brands powered by Shopify, registering a 12% increase from 2021.

According to data on the company’s website, Black Friday saw the highest shopping volume moment during the weekend, with peak sales of more than $3.5 million per minute at 12:01 PM EST on November 25.

The company indicated shoppers’ spend climbed across many countries, with consumers globally spending $102.10 per order on average throughout the weekend compared to the global average of $100.70 we shared last year.

Other Sale: ARKK also sold over 202,000 shares of video game software developer Unity Software Inc U at an estimated valuation of over $8.2 million. Shares of the company have gained over 15% in last five days.

Read Next: Alibaba, Nio Shed Over 2%: Hang Seng Opens Weaker As Investors Turn Cautious Ahead Of US Jobs Data