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