- Ark Invest has been making large purchases of Coinbase (COIN).
- Cathie Wood forecasts that Tesla shares will reach $1500 in the next five years.
Some prominent entrepreneurs, including Tesla’s CEO Elon Musk and Ark Invest’s CEO Cathie Wood, have criticized the U.S. Federal Reserve for its ongoing rate rises, which they say have hampered market conditions and increased the likelihood of a recession. The global markets have become more optimistic as a result of the Federal Reserve’s decision to ease the pace of its rate rises this year.
As the U.S. Federal Reserve’s “brutal interest rate increase” nears its conclusion, growth stocks, and innovation-based strategies, according to Cathie Wood on Saturday, will recoup their losses.
Banking on Coinbase and Tesla
As part of its active stock management approach, Ark Invest has been making large purchases of Coinbase (COIN) and Tesla (TSLA) shares at historically low prices. The CEO has been a bitcoin advocate. On February 14th, when Coinbase (COIN) stock fell below $58.00, Ark Invest bought 14,636 shares. Cathie Wood forecasts that Tesla shares will reach $1500 in the next five years, representing a 675% rise.
It was also pointed out by her that many prominent Wall Street financiers, Charlie Munger included, are unaware of the savings that come with technical advancements. After Charlie Munger’s recent comments that he would rather put his money into BYD, which is supported by Warren Buffett, than Tesla, the latter company released the aforementioned statement.
Ark Invest mostly invests in IT companies. When it comes to knowledge workers, Ark Invest thinks that AI is building an assembly line. Ark Invest predicts that by the year 2030, the productivity of knowledge workers would have increased by more than four times thanks to AI.
