16/01/2025
On Thursday, the Cathie Wood-led Ark Invest made significant moves in the market, with prominent trades involving Tesla, Meta , Palantir and Block
The Tesla Trade: Ark Invest’s ARK Innovation ETF and ARK Next Generation Internet ETF 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.
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 Trade: Ark bought a total of 34,076 shares of Meta. 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.
The Palantir Trade: Ark sold a total of 334,767 shares of Palantir. 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 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 a
