ARK Invest Trims Meta Stake Amid AI Announcements by CEO Mark Zuckerberg
On October 12, Cathie Wood’s investment firm, ARK Invest, sold approximately $3.4 million worth of Meta Platforms (META) shares as the company announced new AI products led by CEO Mark Zuckerberg. The move came despite a strong stock performance following the announcement, with META reaching an intraday high of $752.24 before closing at $742.96. ARK had previously sold another $14.3 million in Meta shares on October 8 and has been gradually increasing its stake over recent months, including a significant purchase worth $73.6 million last month when the stock was near $760. The AI announcements included the launch of Muse Wonder models designed for both personal and professional tasks. While Zuckerberg’s initiatives signal Meta's continued push into artificial intelligence, ARK Invest appears to be strategically adjusting its position in response to market dynamics.
Tickers: $META
Topics: AI products ARK Invest Cathie Wood Meta Platforms
Read the full article at TheStreet
Part of the story ARK Invest Trims Meta Stake Amid AI Announcements by CEO Mark Zuckerberg (2 articles)