Company previously threatened to demand $50,000 if vehicles were sold within the first year...

ARK Investments Founder, CEO, and Chief Investment Officer Cathie Wood is known for big, bullish bets on investments such as Tesla (TSLA) and bitcoin (BTC-USD). Now she's teaming up with 21shares on new crypto-based ETFs. Wood is bullish on bitcoin, with a base case of $600,000-$650,00, though she believes it could go even higher if a spot bitcoin ETF is approved. On the topic of a spot bitcoin ETF, something ARK Invest has applied for, Wood believes "something has changed," because the Securities and Exchange Commission followed up to their latest application with questions instead of rejecting it outright. For Wood, this is a sign that the odds of approval "have gone up." When asked by Yahoo Finance's Julie Hyman about the economy, Wood argues that weakness in the housing and auto markets are showing signs of a recession, adding that based on what she has heard on earnings calls "you'd think we're in a recession." Wood says the Federal Reserve is paying attention to lagging indicators, one of which is the Consumer Price Index, which she thinks will "turn negative before all is said and done." For a long time, Tesla was the top holding in the ARK portfolio. It has now dropped to third. Wood explains that it had more to do with rebalancing the portfolio than the stock. When it comes to Tesla's price cuts, Wood says “all that Tesla’s price cuts have done is offset the interest rate hit. So really, the monthly payments haven’t gone anywhere. Tesla will continue to cut prices because it can, its technology costs are falling and it’s profitable.” Wood goes on to say "you'll notice that the GM (GM) and Ford (F) have basically pulled back on their EV strategy and said, 'we can't, we can't do this unless it's profitable.' Well, this is chicken and the egg. It can't be profitable for them, just like it wasn't for Tesla until they scale. So if they're not gonna scale, they won't be profitable." Key video moments: 00:00:25 Wood on the new ETFs, why "the monetary system is bitcoin" 00:04:25 Why "something has changed" when it comes to the approval of a spot bitcoin ETF 00:07:38 Wood's bullish case for bitcoin 00:11:12 Wood on commodities, inflation, recession 00:15:58 Wood discusses what is driving the markets right now 00:18:45 Wood talks about ARK Invest's 2024 strategy 00:19:50 Why Wood is still bullish on Tesla 00:22:35 Wood explains why she isn't betting big on Nvidia...

Tesla Inc did not violate U.S. labor law by prohibiting workers at its flagship Fremont, California, assembly plant from wearing pro-union t-shirts, a federal appeals court has ruled. The New Orleans-based 5th U.S. Circuit Court of Appeals in a decision on Tuesday said that because Tesla required all employees to wear company-issued shirts while allowing them to display union stickers, its uniform policy was lawful. The court reversed a 2022 decision by the National Labor Relations Board (NLRB), which had said that any attempt to ban union insignia was unlawful unless an employer could show "special circumstances" such as safety concerns...

Elon Musk remains tight lipped about when and where his $25,000 electric vehicle will first be built, let alone what it even looks like...