As Elon Musk’s Department of Government Efficiency (DOGE) becomes more involved with the Trump administration, Tesla (TSLA) shares slid lower this trading week. To speak more about Musk’s juggling of executive duties across multiple companies and now the federal government, Julie Hyman and Josh Lipton are joined by ARK Invest CEO and CIO Cathie Wood.
Wood’s firm manages the ARK Innovation ETF (ARKK), which has a variety of holdings in tech players like Tesla, Palantir Technologies (PLTR), Coinbase Global (COIN), and Amazon (AMZN). Tesla is the fund’s biggest holding, comprising 12.44% of the ETF, with 2,245,240 shares worth over $840 million at the time of this interview.
While Wood calls the Tesla CEO a “troubleshooter,” she goes on to state that the company’s premier electric vehicles are “going through a refresh cycle” as a reason for the sales declines in both the US and China. She believes the release of affordable EV models and autonomous driving vehicles will be catalysts for Tesla stock in 2025.
In a previous interview with Yahoo Finance in November 2024 after the US presidential election, Wood was confident in Musk’s ability to rout out unnecessary government spending: “So I think that he’s going to be really important in two ways — introducing new technologies, and actually cutting out a lot of middlemen in the government, just like he did at Twitter.”
Wood goes on to comment on ARK’s hyperscaler investments, Amazon’s (AMZN) capacity constraints, and her outlook on artificial intelligence and major players in the AI landscape.
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