Why Skillz Crashed Almost 16% This Week
Shares of Skillz (NYSE: SKLZ) are down 15.5% from their Friday close last week, according to data from S&P Global Market Intelligence, after investing guru Cathie Wood sold off a huge tranche of shares from her Ark Invest funds.
The money manager had been a hot property for several years, but her performance cooled off considerably last year. Yet investors still closely watch her daily stock picks to get a sense of her thinking on which way the market might be heading.
The news she sold off over 11 million shares of the mobile esports platform caused Skillz stock to dive Tuesday and it's continued falling since.
Source Fool.com