Cathie Wood's company, Ark Investment Management LLC, is reducing its investment in Meta Platforms Inc. for the first time in about a year, highlighting a downturn in the fortunes of major US tech stocks. The flagship Ark Innovation ETF sold 12,595 shares of the parent company of Facebook on March 17 and 2,160 shares on the recent Tuesday, making it the firm's initial sales of the stock since at least March last year, based on data from Ark Investment Management compiled by Bloomberg. By the end of December, Ark funds had over 460,000 shares of the social media firm. They had been purchasing the stock for most of the previous year. Wood's decision to sell reflects the challenges facing the prominent technology stocks that drove a rapid rise in the US stock market before losing momentum. She is recognized for her bold investments in groundbreaking technologies and gained acclaim as an investor due to the substantial profits from her main fund in 2020 and early 2021. On Tuesday, Meta's stock performance turned negative for the year, making it the last of the significant tech stocks to lose its year-to-date gains. Concerns about US President Donald Trump's tariffs and the competitive challenges from Chinese startup DeepSeek's advancements in artificial intelligence have led investors to sell their shares. The Bloomberg Magnificent 7 Total Return Index, comprising Apple Inc., Microsoft Corp., Nvidia Corp., Amazon.com Inc., Tesla Inc., Alphabet Inc., and Meta, has declined by 16% this year.