Cathie Wood Just Sold $14 Million More in Tesla Stock. Here's Which Artificial Intelligence (AI) Stock She Bought Instead
Cathie Wood's Ark Innovation (NYSEMKT: ARKK) ETF is constantly tweaking the holdings in its stock portfolio. That's been a profitable strategy in 2023 as the fund, with a net asset value of $8 billion, has generated returns of 40% so far this year.
On Thursday, the fund sold 54,847 shares of electric vehicle leader (NASDAQ: TSLA) -- valued at $14 million -- using more than $10 million of the proceeds to buy artificial intelligence (AI) specialist Palantir Technologies (NYSE: PLTR).
This continues a selling streak that began earlier this year, bringing the total number of Tesla shares sold to 739,637 since late April -- the last time the Ark Innovation fund bought shares of Tesla.
Source Fool.com