Elon Musk, the CEO of Tesla, recently praised ARK Invest’s analysis as “the best” during the last earnings call on July 20. This endorsement is noteworthy as ARK Invest, a pro-crypto asset manager, is one of the largest shareholders of Coinbase Global (COIN), the leading cryptocurrency exchange in the United States.

Musk said users should follow Ark Invest’s research, where they can preview Tesla’s short variances in gross margin and profitability. In his view, these variances are “minor” relative to the long-term picture and holding Tesla’s stock is a “big long-term investment”. 

Although Tesla posted all-time high quarterly revenue and stock prices briefly rose after the earnings call, prices slumped in the after-market hours and are lower as of July 22. At press time, Tesla’s stock is trading at $260, 1% lower on the last day.

ARK Invest, Coinbase, And Bitcoin ETF Applications

ARK Invest’s mention can be a boost for the fund manager. Besides analyzing stocks, the Cathie Wood-led firm actively comments on Bitcoin and holds COIN. Recently, Cathie Wood said Bitcoin may rally to $1.5 million by 2030. At the same time, ARK Invest is one of the largest holdersGo to Source to See Full Article
Author: Dalmas Ngetich

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