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On Wednesday, Cathie Wood-led Ark Invest executed significant trades involving Tesla Inc. (NASDAQ:TSLA) and Tempus AI Inc. (NASDAQ:TEM). The investment firm opted to sell a substantial number of Tesla shares while increasing its stake in Tempus AI. These trades come amid noteworthy market movements, including Tesla’s stock reaching new all-time highs.
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The Tesla Trade
The ARK Innovation ETF (NYSE:ARKK) fund sold 51,335 shares of Tesla, valued at approximately $21.8 million, based on the closing price of $424.77. This decision coincides with Tesla’s stock reaching a new all-time high, driven by a surge in its price following the 2024 presidential election. Analysts have been raising their price targets for the electric vehicle giant, contributing to its stock hitting a 52-week high of $415. The stock’s performance has been buoyed by favorable market conditions, including anticipated interest rate cuts by the Federal Reserve.
Elon Musk, Tesla’s CEO, has become the first person to surpass a net worth of $400 billion, thanks to the stock’s impressive rally. The stock’s momentum is expected to continue as market analysts remain optimistic about its future prospects.
See Also: It’s no wonder Jeff Bezos holds over $70 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors are getting started.
The Tempus AI Trade
In contrast to its Tesla trade, Ark Invest significantly increased its position in Tempus AI, purchasing 424,522 shares through its ARK Genomic Revolution ETF (BATS:ARKG) and ARKK funds. The total value of this acquisition is approximately $18.3 million, calculated using the closing price of $43.19. Tempus AI, a healthcare diagnostics company, has been in the spotlight, partly due to strategic investments from major players like Google and SoftBank.
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