Ark Invest Sells Some Tesla Stock, But Still Bullish On $2000/Share
. Though, recent selloffs of the automaker’s shares have elicited some concerns from onlookers. Recently, however, Wood discussed her reasoning for selling shares, adding that she’s still deadset on Tesla’s long-term success and that the investment firm’s confidence in the company has even increased throughout the year.
At the time of writing, Tesla shares have surged about 116% year to date. With the recent growth, Wood explains, Tesla stock has reached over 10 percent of the Ark Invest portfolio. She goes on to explain that, upon reaching this point, the firm seeks to cut back its position in Tesla stock and redeploy it into other stocks.
Wood also considers Tesla to be an artificial intelligence stock, rather than just a car company. This is largely due to its Autopilot and Full Self-Driving beta systems, the latter of which uses data from human drivers to help train its AI for a future of autonomy. Tesla CEO Elon Musk says he expects autonomous driving to support a future robotaxi business, which could generate high-level profit margins, not unlike those from software companies.
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