ARK Invest, an investment management firm, has sold $31 million worth of shares in Block, a financial services company led by Twitter CEO Jack Dorsey. The move was reported by Cointelegraph.
This decision by ARK Invest to sell its shares in Block comes at a time when the company is facing increased scrutiny and criticism from regulators and investors. Despite this, Block continues to operate in the cryptocurrency and financial technology sectors.
It is important to note that ARK Invest’s sale of shares in Block does not necessarily indicate a lack of faith in the company or its leadership. Investment firms regularly adjust their portfolios based on market conditions and investment strategies.
As of now, Jack Dorsey remains at the helm of Block, overseeing its operations and strategic direction. It will be interesting to see how the company navigates the challenges it currently faces and how its share price responds to ARK Invest’s recent sale.