Ark Invest Founder, CEO, and CIO Cathie Wood — whose ARK Innovation ETF (ARKK) holds nearly $726.8 million in Tesla shares — is forecasting that Tesla (TSLA) stock could climb to $2,600 per share by 2029, in her firm’s latest call on the EV maker. A long-time supporter of Tesla CEO Elon Musk, Wood joins Yahoo Finance to discuss the value Musk has brought to Tesla through his leadership
Tesla shareholders have ultimately voted to approve Musk’s pay package, valued at around $46 billion based on the company’s current stock price, with the results revealed at Tesla’s annual shareholder meeting early Thursday evening.
"Elon Musk has been incredibly important to Tesla and still is, not so much on the electric vehicle side — that’s on automatic pilot, it’s on the autonomous side," Wood says, emphasizing Musk’s commitment to autonomous driving functions and integration of AI as to why she sees the stock soaring to $2,600.
Wood goes on to say that there’s no other company that will be as impactful for humanity as Tesla under Musk: " What many people don’t understand is, the most important variable — once you’ve got the domain expertise and the AI expertise — is proprietary data. And Tesla has probably more proprietary data, than almost any company in the world. Elon Musk is the CEO of this age that we believe is going to best capitalize on the convergences between and among technologies…"
Wood also comments on Tesla’s position in the ARK Innovation ETF as the tech-adjacent EV maker maneuvers auto industry headwinds and a higher for longer interest rate environment.
Follow along with Yahoo Finance’s coverage of Musk and his pay package saga:
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