“Cathie Wood Discusses Tesla, Elon Musk, and the Potential Approval of a Bitcoin ETF”

Ark Innovation ETF (ARKK) recently added to their position in Tesla (TSLA) shares after paring back. Ark Invest CEO Cathie Wood discussed the decision in a recent interview with Yahoo Finance’s Julie Hyman. Wood believes that decisions made by General Motors (GM) and Ford (F) to delay their EV investments indicate that Tesla is poised to gain market share, with both automakers’ decisions being described as “puzzling.” There are also concerns about Elon Musk’s X platform experiencing a decline in ad revenue, potentially leading to a need for Musk to sell Tesla shares. However, Wood remains optimistic, stating that traffic on the platform is increasing and that “advertising will follow traffic.” She also believes that Musk’s reasons for buying X are valid and will ultimately be successful.

In addition to the Tesla situation, Wood discussed Ark’s application for a spot bitcoin ETF, stating that approval from the US Securities and Exchange Commission (SEC) may come in January. She believes that despite a potential initial sell-off in bitcoin prices following ETF approval, the move will ultimately allow more institutional investors to enter the crypto space, providing support for the asset.

Wood also spoke about the flagship Ark Innovation ETF, noting that the fund is diversifying and adding back some stocks while eagerly awaiting the reopening of the IPO window. In particular, she is hopeful that companies like SpaceX, Anthropic, Databricks, and Discord will go public, with Ark ready to become investors.

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