Cathie Wood: This company’s stock could jump 5 times in 5 ‎years

Cathie Wood, founder of investment firm Ark Invest, confirmed that she had never been so optimistic about Tesla stock performance.

Wood said that her conviction regarding Tesla stock is still as strong as ever, and that the stock is qualified to rise by about 5 times over the next five years, with the support only of the company’s electric car business.

She explained that the stock is qualified to rise by about 13 times during the same period, if self-driving business is taken into account, adding: Therefore, we are more optimistic about the stock’s performance than ever before.

Wood had previously predicted that the shift towards electric cars would be huge and result in the sale of 60 million cars in 5 years.

The positive expectations for the performance of Tesla’s stock came after it declined by 53% in the fourth quarter, and by about 65% over the course of 2022.

Wood also indicated that Tesla’s decision to reduce prices will help the company maintain its competitiveness.

She added: Tesla will be very aggressive in the matter of pricing, but it can bear it because it has the lowest cost structure, and other car manufacturers will compete as they will have to follow this decline, but that will hurt them greatly from the point of view of profitability.