Cathie Wood's Ark Investment Management has been unloading Zillow (ZG) - Get Zillow Group, Inc. Class A Report shares. The real estate giant announced earlier this month that it is abandoning the home-buying industry with massive losses.

The ARK Innovation ETF (ARKK) - Get ARK Innovation ETF Report sold 589,903 Zillow shares on Friday. As of Friday's end, that kitty was worth $37.7 million. The stock was recently trading at $64.05, up 0.16 percent, and was valued at $37.8 million on Monday. Since October 29, it has dropped by 38%.

After buying 288,813 shares of Zillow on November 2, Ark has sold roughly 6.3 million shares, leaving it with about 500,000.

After suffering significant losses and laying off 25% of its staff, Zillow said earlier this month that it is liquidating its home-buying segment Zillow Offer. It intends to write down up to $569 million in assets.