This article first appeared on GuruFocus.
Cathie Wood’s ARK Invest sold shares of Meta Platforms (NASDAQ:META) and added to its position in Tempus AI (NASDAQ:TEM).
The investment firm offloaded 3,578 Meta shares valued at about $2.1 million across three funds. The sale came as Meta faced a jury verdict finding it negligent in a social-media addiction case, disclosed plans to cut several hundred jobs and unveiled an executive pay plan tied to a $9 trillion market valuation target by 2031.
ARK purchased 84,939 shares of Tempus AI for approximately $4.1 million across its Innovation and Genomic Revolution ETFs. The healthcare technology company’s stock fell about 4% Wednesday and is down roughly 20% year to date.
Tempus AI has become the third-largest holding in the ARK Innovation ETF, trailing only Tesla and Crispr Therapeutics. The fund holds about 6.3 million shares valued at more than $294 million, representing roughly 5% of total assets.