Published: Tuesday, May 20, 2025 · 9:30 AM | Updated: Tuesday, May 20, 2025 · 9:30 AM
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Cathie Wood, founder of Ark Invest, acknowledged that Tesla’s (TSLA, Financial) brand has been impacted due to Elon Musk’s close ties with the Trump administration and his activities at the Department of Government Efficiency (DOGE). However, Wood believes this damage is not permanent.
Wood expressed confidence that Tesla (TSLA, Financial) will dominate the autonomous taxi market in the United States. She highlighted the upcoming launch of Tesla’s self-driving taxi in Austin, affirming her optimistic outlook. Wood anticipates the expansion of these services across the U.S., particularly if regulatory oversight shifts from state to federal levels.
She also noted the broader macroeconomic effects, mentioning how President Trump’s automotive tariffs have affected the entire industry. Furthermore, Wood acknowledged the significance of Musk’s departure from DOGE, emphasizing the impact of his actions.
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