Cathie Wood writes down Twitter stake By Investing.com

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<p dir="ltr">By Davit Kirakosyan</p>
<p dir="ltr">Investing.com — Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed last week: Elliott acquires significant stake at Catalent, Constellation Brands gains on agreement with Elliott, Cathie Wood’s ARK writes down Twitter stake, and Asana sees another CEO buy.</p>
<p dir="ltr">InvestingPro subscribers got this news first. Never miss another market-moving headline.</p>
<h2 dir="ltr"><strong>Catalent stock rises after WSJ reveals activist investor Elliott holds a significant stake</strong></h2>
<p dir="ltr">Catalent (NYSE:) rose nearly 3% on Thursday after the Wall Street Journal reported that Elliott Investment Management, an activist investor, acquired a significant stake in the pharmaceutical company.</p>
<p dir="ltr">According to the report, Elliott is also in talks with potential director candidates about running in a proxy contest. The company’s window for director nominations closes on July 29.</p>
<p dir="ltr">Elliott’s drive for changes comes at a time when Catalent’s CFO departed in April while the company struggled with operational issues that significantly impacted its stock price several months ago.</p>
<h2 dir="ltr"><strong>Constellation Brands shares gain on announced agreement with Elliott </strong></h2>
<p dir="ltr">Constellation Brands (NYSE:) shares surged more than 5% on Wednesday following the company’s announced Information Sharing and Cooperation Agreements with Elliott Investment Management L.P., one of Constellation’s largest investors. According to the agreements, Elliott has agreed to a standstill, voting, confidentiality, and other provisions.</p>
<p dir="ltr">Furthermore, the company announced the election of Luca Zaramella, CFO of Mondelēz International (NASDAQ:), and William T. Giles, former CFO of AutoZone (NYSE:), to its Board of Directors.</p>
<h2 dir="ltr"><strong>Cathie Wood’s ARK writes down Twitter stake</strong></h2>
<p dir="ltr">ARK Investment Management, led by Cathie Wood, reduced its ownership in Elon Musk’s Twitter by 47%, as reported by the Wall Street Journal.</p>
<p dir="ltr">Wood, who supported the privatization of Twitter by the billionaire and Tesla (NASDAQ:) CEO Musk last year, emphasized that the write-down was not reflective of their long-term positive outlook on the investment.</p>
<p dir="ltr">Recently, Musk tweeted about Twitter’s ongoing challenges, including negative cash flow, a significant 50% decrease in advertising revenue, and a substantial burden of debt.</p>
<p dir="ltr">Wood believes that Meta’s launch of the Twitter-rival Threads will foster healthy competition and eventually lead to Twitter evolving into an ‘everything app’.</p>
<h2 dir="ltr"><strong>Asana CEO buys more shares</strong></h2>
<p dir="ltr">Asana (NYSE:) CEO Dustin Moskovitz purchased another 80,000 common shares, worth about $1.9 million, as reported in real-time on InvestingPro.</p>
<p dir="ltr">Following the purchase Moskovitz holds 40,312,803 common shares directly and 4,147,046 indirectly through a trust he controls.</p>
<p dir="ltr">This purchase is part of a disclosed plan in March 2023, outlining his intention to purchase up to 30M shares before the end of 2023.</p>
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<p dir="ltr"><img decoding="async" title="summer sale" src="https://d1-invdn-com.investing.com/content/pic400e360357ac73a3ee19c5c1f5020dbd.png" alt="summer sale" /></p>
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<br /><a href="https://www.investing.com/news/stock-market-news/4-hot-insider-trades–hedge-fund-hits-cathie-wood-writes-down-twitter-stake-3131634">Source link </a></p><p>The post <a href="https://forextraderhub.com/cathie-wood-writes-down-twitter-stake-by-investing-com.html">Cathie Wood writes down Twitter stake By Investing.com</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>