Cathie Wood Bets Big On Mark Zuckerberg: Ark Pours $19M Into Meta Shares, Dumps Palantir And Tesla Stock

On Thursday, the Cathie Wood-led Ark Invest made significant moves in the market, with prominent trades involving Tesla Inc. TSLA, Meta Platforms Inc. META, Palantir Technologies Inc. PLTR and Block Inc SQ.

The Tesla Trade: Ark Invest’s ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW sold a total of 8,384 shares of the Elon Musk-led company. With Tesla’s closing price at $249.85 on Thursday, the value of this trade amounts to approximately $2.09 million. This move is in line with Ark’s recent trend of reducing its Tesla holdings.

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Wood’s ARK Investment Management sees Tesla's driverless ride-hailing plans as a game-changer, potentially unlocking $11 trillion in revenue by leveraging lower operating costs of electric vehicles. ARK’s analysis suggests that Tesla’s robotaxi service could offer rides at a fraction of current ride-hailing and personal vehicle costs, making it a competitive alternative.

The Meta Platforms Trade: Ark Invest’s Ark Fintech Innovation ETF ARKF, ARKK, and ARKW bought a total of 34,076 shares of Meta Platforms. Given Meta’s closing price of $567.58 on Thursday, the total value of this trade is approximately $19.34 million. This purchase comes after the Mark Zuckerberg-led company’s third-quarter earnings report, where the company beat revenue and EPS estimates.

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The Palantir Trade: Ark Invest’s ARKF, ARKK, and ARKW sold a total of 334,767 shares of Palantir Technologies. With Palantir’s closing price at $41.56 on Thursday, the value of this trade is approximately $13.9 million. This move follows a recent upgrade of L3Harris Technologies, a key collaborator with Palantir, by BofA Securities.

The Block Trade

Ark Invest’s decision to offload shares of Block Inc. was a notable one. The firm sold 243,549 shares of the Jack Dorsey-led company from its ARKK and ARKW. The value of this trade, based on Block’s closing price of $72.32 on the same day, amounts to approximately $17.6 million.

The move came on the same day that Block CEO Dorsey announced a fresh wave of layoffs at Tidal. In a note to Tidal employees, Dorsey stated the need for the company to function “like a startup again,” necessitating a much smaller team across the organization.

Interestingly, the trade also comes at a time when Bitcoin BTC/USD, a core focus of Block, has been hovering near previously reached all-time highs.

Other Key Trades:

• Ark Invest’s ARKF and ARKK bought a total of shares of Roku Inc. (ROKU).
• Ark Invest’s ARKK bought shares of Twist Bioscience Corp (TWST). Ark Invest’s ARKK sold shares of Moderna Inc. (MRNA).

Photo Courtesy: Ark Invest

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