Cathie Wood’s Ark Buys $42 Million In Tesla—Predicts 1,100% Rise For The Slumping Stock

Cathie Wood’s Ark Buys $42 Million In Tesla—Predicts 1,100% Rise For The Slumping Stock

Share to Linkedin Stock picker Cathie Wood's Ark Invest bought Tesla's dip in a big way on Thursday, boldly forecasting the electric vehicle company will surge to a more than $6 trillion valuation over the next four years on the same day its stock tanked 10%. Cathie Wood speaks at a conference last year. Wood's firm disclosed it bought 219, 810 shares of Tesla in its flagship Ark Innovation ETF and another 36, 213 shares of Tesla in its Next Generation Internet ETF. That's a roughly $41. 7 million buy-up, using Tesla's $163 closing price Thursday, when the stock slid 9. 8% and the company lost $51 billion in market value as investors reacted sharply to Tesla's shrinking profit margins. Staunch and longtime Tesla bulls, Wood and Ark also released their projections for the automaker's future stock performance on Thursday, offering up quite the rosy picture. Ark set a $2, 000 base case scenario for Tesla's share price in 2027, an 11-fold increase, setting its bearish forecast at a $1, 400 share price and bullish at $2, 500, eight-fold and 14-fold respective jumps. At $2, 000 per share, Tesla would have a market capitalization of $6. 3 trillion, roughly the