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Cathie Wood’s Ark Invest Cuts Exposure to Tesla Amid Sizzling Rally, Sells $21.8 Million in Stock – Bets on This AI Medical Company

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On Wednesday, Cathie Hout-led Ark Invest significant transactions involving Tesla Inc. (NASDAQ:TSLA) and Tempus AI Inc. (NASDAQ:TEM). The investment company chose to sell a significant number of Tesla shares while increasing its stake in Tempus AI. These trades come amid notable market moves, including Tesla shares hitting new all-time highs.

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The Tesla trade

The ARK Innovation ETF (NYSE: ARKK) fund sold 51,335 Tesla shares, valued at approximately $21.8 million, based on the closing price of $424.77. The decision coincides with Tesla shares hitting a new all-time high, driven by a surge following the 2024 presidential election. Analysts have raised their price targets for the electric car giant, helping push the stock to a 52-year high weeks reached $415. The stock’s performance was supported by favorable market conditions, including expected interest rate cuts by the Federal Reserve.

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Elon MuskCEO of Tesla, 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.

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The Tempus AI Trade

In contrast to its Tesla trade, Ark Invest significantly increased its position in Tempus AI by 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 based on the closing price of $43.19. Tempus AI, a healthcare diagnostics company, is in the spotlight, thanks in part to strategic investments from major players like Google and SoftBank.

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Other important transactions:

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