Cathie Wood Sells Off Spotify Stock As YouTube Clamors For Podcast Crown

On Thursday, Cathie Wood’s Ark Invest made a significant trade involving Spotify Technology SA (NYSE:SPOT).

The SPOT Trade

Ark Invest’s decision to trade Spotify’s shares comes amidst a turbulent time for the music streaming giant. Spotify has recently faced stiff competition from Alphabet Inc.’s (NASDAQ:GOOGL) (NASDAQ:GOOG) YouTube, which announced that it has surpassed Spotify’s monthly active podcast users, reaching over 1 billion.

Spotify’s CEO, Daniel Ek, has been in a four-year battle with Apple Inc. (NASDAQ:AAPL), accusing the tech giant of flouting the European Union’s Big Tech rules. Ek has called for the EU to penalize Apple for its alleged defiance of the EU’s Digital Markets Act.

Ark Invest made a significant trade involving Spotify’s shares. The Wood-led firm sold 6,629 shares through ARK Next Generation Internet ETF (NYSE:ARKW). Given Spotify’s closing price of $590.76 on Thursday, February 27, 2025, the trade’s value was $3.9 million.

Other Key Trades:

• Deere & Co. (DE): Ark Invest’s ARKK fund bought 7,654 shares.
• Iridium Communications Inc. (IRDM): Ark Invest’s ARKK fund purchased 87,903 shares.
• Salesforce Inc. (CRM): Bought 15,345 stocks through ARKW.
• Accolade Inc. (ACCD): Sold 2,500 shares from ARKG.

Image via Shutterstock

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal