Cathie Wood Dropped $18M Stake In Spotify

Ark Investment is among top 30 Investment Management companies globally.
Cathie Wood Sold Spotify Stakes for around $18M.

Ark Investment Management is an American investment management company headquartered in St. Petersburg, Florida, that controls various activities managed exchange-traded funds. Cathie Wood established the company in 2014.

Cathie Wood, chief executive officer of ARK Investment Management Company, recently dumped around 200K shares of Spotify Technology on 30 September Friday via two of the companies’ exchanges traded funds(ETFs). According to the prices, while writing this article, the total shares dumped by Cathie were sold for around $18M.

Spotify Technology is a globally popular music service offering company with 165 million active users in 2021, and by the second quarter of 2022, the number increased to 188 million music subscribers globally.

According to the official data, ARK investment holds around 0.84% of the total stocks of Spotify Technology, which is valued at around $63 million.

On 20 September Tuesday, Spotify Technology introduced its audiobooks in the United States music space. It informed that listeners could buy and listen to approximately 300K audiobook titles. The company highlighted that the audiobook market is unexplored, and the sector represents 6-7% of the broader book market and is expanding by around 20% yearly.

In an audiobook, an analyst of Spotify highlighted, “Our view is Spotify will adjust pricing and its model as it learns more from initial user behaviour.” He added, “We continue to find risk/reward compelling, with shares trading at 1.1x 2023E EV/S.”

Earlier on 23 September, Cathie Wood acquired shares in Velo3D Inc, an end-to-end metal 3D printing solution for mission-critical parts.

Cathie Wood has acquired shares in around 130 companies, including Tesla Inc, Zoom Video Communication, Roku INC, Exact Science Corp, Teladoc Health, Square, Coinbase, Shopify, and several others.

Cathie is a Metaverse Enthusiast and once in her statement said that in upcoming times Metaverse will become a multi-trillion sector and will definitely change the world.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing