For years, Ark Invest CEO Cathie Wood has been a supporter of electric vehicle company Tesla Inc (NASDAQ:TSLA) and its CEO Elon Musk, calling for the company to trade as a technology stock and not as a traditional automotive company.
On Tuesday, Wood echoed her praise for Musk and the growth of electric vehicles.
What Happened: Musk recently said he would like to have increased ownership of 25% of Tesla in order to support his future artificial intelligence endeavors within the electric vehicle company.
"I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. Enough to be influential, but not so much that I can't be overturned," Musk said.
Wood was asked about Musk's 25% ownership request during an interview Tuesday on CNBC.
"Elon Musk is a visionary leader. He's our renaissance man. He's the inventor of our age," Wood said.
In today’s market, investors are too focused on the short term and want immediate profits, dividends and buybacks, Wood said — instead of focusing on investing in some of the biggest opportunities of our lifetime right now.
"We are looking for visionary leaders looking to stand up to short-term oriented shareholders."
As for Musk wanting 25% ownership of Tesla, ...