Cathie Wood buys more Tesla stock despite recent drop in value

From Nasdaq: 2024-08-02 04:05:00

Tesla’s stock drops 40% from peak due to poor EV sales despite potential in AI and robotics. Ark Invest’s Cathie Wood increases Tesla stock holdings, betting on future growth. Wood previously succeeded with Tesla investments.

Tesla seeks redemption with autonomous driving tech, projected to drive enormous growth by 2029. Elon Musk believes Tesla’s value is in autonomy. Company aims for robotaxi launch in October. AI advancements have accelerated Tesla’s progress.

Investors face dilemma over Tesla stock due to high valuation but promising goals. Shareholders bet on long-term potential over quarterly earnings. Elon Musk is a driving force behind Tesla’s success but also faces criticism. Autonomous driving system could lead to substantial returns if successful.

Investors mull over whether to buy Tesla stock now. Ark’s optimistic projections for Tesla’s future hinge on success of autonomous driving technology. Dollar-cost averaging strategy recommended for gradual stock accumulation. Investors should diversify portfolios despite high potential returns.

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