Cathie Wood's Ark Invest Sells Tesla Shares Worth $15.9M, Bolsters Positions In Palantir By $14.9M

On Thursday, Ark Invest, under the leadership of Cathie Wood, executed significant transactions, including the sale of Tesla Inc TSLA shares and the purchase of Palantir Technologies Inc PLTR. The fund management company sold a total of 62,367 Tesla shares, valued at $15.94 million, based on Tesla’s closing price of $255.70. The trade was made through the flagship ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW. This move comes amidst Tesla’s recent rally and ongoing discussions about the company’s potential in autonomous driving technology.

The Tesla Trade: Ark Invest’s decision to sell Tesla shares has been a recurring theme in recent days. On Wednesday, the firm offloaded $8.42 million worth of Tesla shares through its Innovation ETF. This followed a significant sale of nearly $20.56 million through the same ETF the previous day. Despite these sales, Ark remains bullish on Tesla’s future, projecting a stock price surge to $2,000 by 2027, largely driven by the anticipated launch of its robotaxi service.

The Palantir Purchase: On the same day, Ark Invest also made a significant move with Palantir Technologies, co-founded by Peter Thiel. The firm purchased a total of 1,029,932 shares of Palantir, valued at $14.92 million based on a closing price of $14. The shares were acquired through Ark’s Fintech Innovation ETF ARKF, the Next Generation Internet ETF, and the flagship Innovation ETF.

This purchase comes after Palantir’s recent AIP Conference, where the company showcased its AI capabilities. Daniel Ives, an analyst at Wedbush, lauded Palantir for its pioneering efforts in guiding customers to products, optimizing workflows, and producing operational results at industry-leading rates. Ives believes that Palantir is on track to capture a significant share of the $1 trillion global AI market.

See Also: Tesla Giga Texas Production Pause Ahead? Analyst Explains Why Investors Shouldn’t Panic

Other Key Trades:

• DraftKings Inc DKNG: Ark Invest sold a total of 154,861 shares across multiple ETFs.
• Ginkgo Bioworks Holdings Inc DNA: Ark Invest acquired a massive 1,314,961 shares through multiple ETFs.
• Teladoc Inc TDOC: Ark Invest bought a total of 107,765 shares across multiple ETFs.

Photo courtesy of Ark Invest.

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