Tesla bull ARK offloads over 51,000 shares amid stock run up

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Tesla bull ARK Invest offloaded over 51,000 shares of the electric automaker on Wednesday night after the company’s run on Wall Street continued.

ARK sells Tesla shares to equal out the concentration of certain securities within its ETFs. The sale is not a statement that the company is ready to unload what it has to take a profit.

The sale came out of ARK’s Innovation ETF, known as ARKK. On Wednesday night, it was one of two moves the firm made in the portfolio, along with the purchase of 348,733 shares of Tempus AI.

ARK Invest’s Cathie Wood predicts Tesla’s fivefold growth in the next 5 years

To be exact, ARK sold 51,335 shares of Tesla on Wednesday night, making up 0.3052 of the ETF. Based on the closing price from Wednesday, the sale was worth roughly $21,805,500.

ARK is one of Tesla’s biggest bulls. Apart from Wedbush and Morgan Stanley, ARK is perhaps the most bullish firm out there that covers Tesla.

Recently, the firm broke down its expectations for the robotaxi fleet that will coincide with the Cybercab that Tesla unveiled in October. ARK said it expects the “multi-trillion dollar” opportunity to dominate competitors like Uber and Lyft:

“In our view, Tesla should enjoy a price umbrella at its robotaxi launch, thanks to the high level of current ride-hail prices, as shown below, while leveraging a lower cost per mile than the average vehicle on the road. Why? The operating costs associated with electric vehicles are roughly one-third those of their gas-powered counterparts.4 Without safety drivers, Tesla has suggested that, at scale, its robotaxi rides will cost consumers only $0.30-0.40 cents per mile,5 slightly higher than ARK’s estimate of ~$0.25 per mile but well below current ride-hail costs of ~$2 per mile and personal car ownership costs of ~$0.70 per mile.6 Lower price points could unlock ~$11 trillion in revenue potential, ~80 times larger than the addressable market that Uber and Lyft target today, as shown below.”

Tesla shares are trading at around $420 on Thursday.

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Tesla bull ARK offloads over 51,000 shares amid stock run up





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Tesla stock closing the year off strong 

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Tesla (NASDAQ: TSLA) stock appears to be closing the year off strong. As of the market close on Wednesday, December 11, 2024, TSLA was up by almost 6% at $424.77. 

On Wednesday, Tesla stock set a new record, beating its previous record close of $409.88.  According to the Motley Fool: “Tesla stock is sitting on a year-to-date return of 56%.”

Tesla saw its stock price rise after President-elect Donald Trump’s win. The incoming Trump administration is expected to ease regulations on technologies like Tesla’s Full Self-Driving.

If you have any tips, contact me at maria@teslarati.com or via Twitter @Writer_01001101.

Tesla stock closing the year off strong 





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Elon Musk net worth hits estimated $442 billion

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Elon Musk’s estimated net worth has reached a record-setting $442 billion. This effectively makes the CEO the first person in history to achieve a net worth that surpassed the $400 billion mark. 

Musk’s net worth has seen a perfect storm of sorts in the latter half of this year, thanks in part to his substantial holdings in his businesses, such as private space company SpaceX, electric vehicle maker Tesla, and artificial intelligence startup xAI.

Key updates:

  • Elon Musk’s net worth is tied to his companies, and this year, Tesla, SpaceX, and his other ventures such as xAI have seen notable jumps in valuation. 
  • Musk’s $442 billion net worth was achieved after SpaceX’s valuation jumped to about $350 billion. This makes SpaceX the most valuable private company in the world, as noted in a Bloomberg News report. 
  • Prior to SpaceX reaching a valuation of $350 billion, Musk’s net worth was already being boosted by his TSLA holdings. 
  • Tesla has been on a wild tear since it reported its Q3 2024 earnings, which beat analyst expectations. Donald Trump’s win at the 2024 U.S. presidential election resulted in another TSLA rally that has not really lost momentum until today. 
  • Tesla currently has a market cap of $1.315 trillion as of writing, nearing all-time highs.
  • Musk’s artificial intelligence startup, xAI, also saw its valuation double this year to $50 billion.

A closer look: 

  • SpaceX currently dominates the spaceflight sector, with the company launching 128 missions in 2024 as of three days ago. These are comprised of 123 Falcon 9, two Falcon Heavy, and three Starships, as per Space Explored. 
  • SpaceX’s Starship program is making notable progress toward its goal of achieving full reusability.
  • Tesla is the world’s most valuable automaker, and it currently produces the Model Y, the world’s best-selling vehicle by volume last year. The Cybertruck also stands as the United States’ best-selling electric pickup truck.
  • Tesla’s Full Self-Driving (Supervised) system is making headway toward becoming a true driverless solution that can fully power vehicles like the Cybercab. 
  • xAI quickly grew into one of the world’s most aggressive AI startup companies this year. 
  • xAI was able to build its Colossus supercomputer, which was initially comprised of 100,000 Hopper GPUs, in just 122 days. This was a feat dubbed by Nvidia CEO Jensen Huang as “superhuman.”

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Elon Musk net worth hits estimated $442 billion





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