Elon's Greatest Invention... Hidden in South Memphis?

In South Memphis, I uncovered what could be Elon Musk's biggest invention yet. It's so secretive, rivals are flying drones to spy on it. If you're serious about investing in AI, now's the time to see what's really going on inside those walls.

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

Benzinga Neuro
October 31, 2024

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

The Tesla Trade: Ark Invest’s ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE: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 (NYSE: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 (CRYPTO: BTC), a core focus of Block, has been hovering near previously reached all-time highs.

See Also: Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: ‘We Still Have Far To Go And Much Work To Be Done’

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

Read Next:

  • Shytoshi Kusama Schools X User Who Said SHIB Will Remain ‘Chump Change Meme’ Unless It Can Rise Above A Penny: ‘Those Who Are Wise Give Us Respect’

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

Continue Reading...

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