ARK Invest recently offloaded 51,335 shares of Tesla worth approximately $21.8 million to balance the concentration of securities in its ETFs, staying bullish overall.
Cathie Wood at ARK Invest predicts Tesla could see fivefold growth over the next five years, underlining the firm's long-term commitment despite short-term share sales.
ARK's report emphasizes that Tesla's future robotaxi fleet could unlock around $11 trillion in revenue potential, making it a major competitor to existing ride-hail services.
With lower operating costs compared to gas-powered cars, Tesla's robotaxi service could significantly reduce ride-hail prices, presenting a strong competitive advantage in the market.
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