Cathie Wood Buys $28.1 Million Worth of Meta Stock, Dumps Alphabet Shares As Mark Zuckerberg's Superintel

On Wednesday, Cathie Wood-led Ark Invest made significant trades involving Meta Platforms, Inc. (NASDAQ:META) and Alphabet Inc. (NASDAQ:GOOGL).

The Meta Platforms Trade

Ark Invest’s flagship fund, ARKK, acquired 38,304 shares of Meta Platforms, Inc. (NASDAQ:META), while ARK Innovation ETF (BATS:ARKW) added 4,787 shares. The total investment in Meta amounted to approximately $28.1 million, based on the closing price of $653.69.

This move aligns with Meta’s recent launch of Muse, an AI agent designed to manage digital tasks autonomously. Despite internal tests revealing security and reliability issues, the AI agent is central to CEO Mark Zuckerberg’s vision for personal superintelligence.

Meta’s stock has been on an upward trajectory, partly due to a recent settlement in a major lawsuit, which removed a short-term overhang on the stock. However, experts warn that litigation risks are not entirely resolved.