Just saw that Gilder Gagnon Howe dumped a significant chunk of their Duolingo stake back in Q4 - sold off 66,397 shares worth roughly $15.65 million. Interesting timing given everything that's happened with the stock since then.

Duolingo's had quite the ride. The stock was absolutely flying until mid-2025, hit nearly $545 a share, but then got absolutely crushed - down over 80% since that peak. The fund still holds around 506,000 shares worth about $88.83 million as of the filing date, but that's way down from the roughly 1 million shares they originally picked up around the IPO back in 2021. Lily and the gang have definitely seen better days in the market.

What's notable is they've been systematically trimming their position for a while now. This latest sale only reduced their holdings by about 15%, but the bigger picture shows they've been taking profits consistently. The whole thing reflects how rough things have gotten for software stocks with all the AI uncertainty. Duolingo's also shifted focus away from aggressive monetization, which probably didn't help the stock price.

The position now sits at less than 1% of their AUM, so it's not exactly a core holding anymore. Still holding on, but clearly not betting the farm on it like they were a few years back. Makes you wonder if they see a turnaround or if they're just letting it ride at this point.