TLDR
- Stanley Druckenmiller sold all his Nvidia shares in Q3 2024 and Palantir shares in Q1 2025, citing high valuations
- The billionaire investor opened positions in Eli Lilly (62,190 shares in Q4 2024, increased to 100,675) and Viking Therapeutics (549,295 shares in Q2 2025)
- The weight loss drug market is valued at $28 billion today and expected to reach $95 billion by 2030 according to Goldman Sachs Research
- Eli Lilly reported 54% revenue growth in its recent quarter driven by its weight loss drug portfolio
- Druckenmiller maintained a 30% average annual return over three decades at Duquesne Capital Management without any losing years
Stanley Druckenmiller has made a major shift in his investment portfolio. The billionaire investor sold his positions in AI companies Nvidia and Palantir Technologies to bet on the growing weight loss drug market.
Druckenmiller sold his last Nvidia shares in the third quarter of 2024. He exited his Palantir position in the first quarter of 2025. Both stocks have gained over 1,000% in the past three years.
The investor later expressed regret about selling Nvidia. He called it “a wonderful company” in a Bloomberg interview. However, he felt the stock’s valuation had become too high.
Palantir traded at more than 125 times forward earnings estimates during the first quarter. This high valuation likely played a role in Druckenmiller’s decision to sell. Druckenmiller is known for his careful attention to stock prices.
The billionaire runs the Duquesne Family Office after retiring from Duquesne Capital Management. During his time at the firm, he delivered a 30% average annual return over 30 years. He never posted a losing year.
Weight Loss Drug Investments
Druckenmiller opened a position in Eli Lilly in the fourth quarter of 2024. He bought 62,190 shares initially. He increased his stake over the next two quarters to 100,675 shares.
In the second quarter of 2025, he opened a position in Viking Therapeutics. He now holds 549,295 shares of the biotech company. Viking is developing a weight loss drug candidate.
The weight loss drug market is currently worth $28 billion. Goldman Sachs Research projects it will reach $95 billion by 2030. This represents growth of over 200% in less than a decade.
Eli Lilly already generates revenue from this market. The company reported 54% revenue growth in its most recent quarter. Its weight loss drug portfolio drove this increase.
Demand for weight loss drugs from Lilly and Novo Nordisk has exceeded supply. Both companies’ products appeared on the FDA’s shortage list in 2024. The companies have worked to increase manufacturing capacity.
Late-Stage Development
Viking Therapeutics does not yet sell any products. The company has a weight loss drug candidate in late-stage clinical trials. Results from these trials have been strong so far.
If Viking’s candidate reaches the market, the company could capture market share. The high demand suggests room for multiple companies to succeed. Druckenmiller’s investments in both Lilly and Viking reflect this view.
Eli Lilly maintains a leadership position in the weight loss drug market. The company also sells other pharmaceutical products across different areas. This diversification provides stability beyond just weight loss drugs.
Viking represents a higher-risk investment compared to Lilly. The company has not yet commercialized any drugs. Clinical trial success does not guarantee regulatory approval or market success.
Druckenmiller’s portfolio shift reflects a bet on healthcare over technology. His track record suggests investors pay attention to his moves. The billionaire’s investments target a market with clear growth projections from major research firms.
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