Cathie Wood sticks with Tesla, sees stock at $2,600 in 5 years
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Cathie Wood's Ark Investment Management LLC remains bullish on Tesla and expects the stock will hit $2,600 in five years, or almost 10 times its current price. Wood said in an interview with Bloomberg TV that Tesla's robo taxis will account for 90% of its value over that time. Tesla has initiatives in humanoid robots that Ark hasn't even factored into the price prediction, she added on the sidelines of the HSBC Global Investment Summit in Hong Kong on Tuesday. Tesla shares have slumped 31% this year, even after a rebound in the last four trading sessions. Sales and shipments have dropped precipitously in key markets including Europe and China, as its billionaire founder Elon Musk faced political pushback. Domestic discontent has also grown over his Department of Government Efficiency's move to cut thousands of government jobs. Tesla's sales have fallen in 10 of the last 12 months in Europe with the carmaker struggling ...