Investor Cathie Wood, the CEO of Ark Invest, offered one of her most emphatic endorsements yet of Tesla Inc. (NASDAQ:TSLA) CEO, Elon Musk, calling him “the most productive human being on earth and in space in history.”
What Happened: On Wednesday, Wood shared a post on X, crediting Musk for “harnessing breakthroughs in AI, robotics, and energy storage,” which she says makes him the most productive human.
“Facts are facts,” she says, while sharing an earlier post by former Coinbase Global Inc. (NASDAQ:COIN) CTO, Balaji Srinivasan, who praised Musk’s rare ability to build complex hardware companies such as Tesla and SpaceX, at scale, while juggling several other ventures across AI, brain-computer interfaces, and tunneling technology.
“Hardware is hard,” Srinivasan said in his post, since “even one serious bug can destroy your company,” leading him to laud the fact that Musk accomplished all this amid crises, regulatory pressure, and personal chaos, while comparing him to the likes of Srinivasa Ramanujan and Michael Jordan.
Why It Matters: Wood has been a longtime Tesla bull and an ardent Musk supporter, with shares of the EV giant being Ark Invest’s biggest holding across its family of ETFs, accounting for 7.56% of its total assets under management, or $916 million.
| ETF | Weight | Market Value | Year-To-Date Performance |
| Ark Innovation ETF (BATS:ARKK) | 9.38% | $628.7 Million | +27.21% |
| ARK Next Generation Internet ETF (BATS:ARKW) | 6.81% | $140.0 Million | +37.48% |
| ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) | 10.67% | $109.0 Million | +16.60% |
| Combined | 7.56% | $916.7 Million | -21.99% |
Analyst Dan Ives of Wedbush Securities believes Tesla is “the most undervalued AI play,” while maintaining an “Outperform” rating on the stock, with a Price Target of $500, representing a 68.9% upside from current levels.
The consensus price target for the stock now stands at $309, or an upside of 4.4% from its current levels.
Price Action: Shares of Tesla were down 0.65% on Wednesday, trading at $295.88, and are up 0.11% after hours.
According to Benzinga’s Edge Stock Rankings, Tesla scores high on Growth and has a favorable price trend in the medium and long terms, but not in the short term. Click here for deeper insights into the stock, its peers and competitors.
Photo courtesy: Mijansk786 / Shutterstock.com
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