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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.
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.
Related: It’s No Wonder Jeff Bezos Owns More Than $70 Million in Art — this alternative asset has outperformed the S&P 500 since 1995, with an average annual return of 11.4%. Here’s how regular investors get started.
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.
Other important transactions:
