Ark Innovation fund | USA Newshour https://usanewshour.com Breaking News, Latest headlines, Top Election stories, Photos & Videos Mon, 22 Mar 2021 20:47:54 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://usanewshour.com/wp-content/uploads/2020/08/cropped-icon-150x150.jpg Ark Innovation fund | USA Newshour https://usanewshour.com 32 32 Tesla jumps 6% after Ark Invest predicts $3,000 stock price https://usanewshour.com/tesla-jumps-6-after-ark-invest-predicts-3000-stock-price/11057/ Mon, 22 Mar 2021 20:47:54 +0000 https://usanewshour.com/?p=11057 Shares of Tesla jumped over 6% on Monday, helped by Ark Invest’s report that its stock will quadruple.

Ark Invest, an influential shareholder in the electric car maker, said in a bullish report on Friday, that it expects Tesla’s stock price to more than quadruple to $3,000 by 2025. Tesla was last trading at $698 a share.

The asset management company, run by Cathie Wood, also predicted Tesla’s electric vehicle revenue would reach between $234 billion and $367 billion by 2025.

Tesla’s total revenue in 2020 grew 28% to $31.5 billion.

Tesla accounts for about 10% of the $24 billion Ark Innovation fund, making it the fund’s largest investment. Ark Innovation, in reciprocation, owns Tesla shares worth close to $2.5 billion.

Ark Innovation rose 2.5% on Monday and is up over 200% in the past 12 months.

Tesla is down over 20% from its January record high and is up around 700% over the past 12 months.

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