An SEC filing
disclosing that WisdomTree
] chairman Michael Steinhardt
and RE Ventures
, an early venture capital backer of the firm, are preparing to sell nearly 30 million of their shares of the company sent the stock price down yesterday. And the story, reported early on by MFWire
, travelled far -- even the Associated Press took note
story has only one detail that didn't appear in earlier reports: that venture capital firm RRE Ventures
, which is selling its 11 percent stake in WisdomTree, has held the stock for over seven years. And so their sale is not surprising, since venture capital tends to target young companies.
A further note on the subject: WisdomTree's stock was removed
from Citigroup's "Top Picks Live" list, though it was still given a "buy" rating by the bank's analysts. It was added
Meanwhile, ETF Trends posted a piece
on WisdomTree's decision to close three small ETFs, news that MFWire reported on Friday
No unexpected revelations in either the AP
or the ETF Trends
piece, but surely WisdomTree execs -- and stockholders -- are hoping for a gentler day of news today.
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