Duncan MacInnes

Gross incompetence? Fraudulent promotion? I hope as a CFA you know, Tasha, that an investment recommendation must be made with a reasonable basis. Otherwise you lose your charter for violating the Standards of Practice and Code of Ethics. A $7-$10.9 trillion market cap expected range by 2029 makes ARK perhaps the biggest charlatan of the modern era of fleecing the retail investor. Apple, Microsoft and Nvidia are today valued at “only” $9.6 trillion. The whole S&P is valued at $44 trillion and 24 times forward earnings. Your 2029 4.1% free cash yield suggests a 24 multiple to earnings for the car company, suggesting $450 billion in 2029 profits (today’s REVENUES are $95 billion). Holy delusion, Batman. You couldn’t help yourself by topping last year’s ridiculous predictions by 25% despite flat revenues and fast-declining margins and profits. This one is is a doozy: “Our research suggests that generalizable humanoid robots represent a ~$24 trillion global revenue opportunity at scale.” You do realize the entirety of global GDP is just over $100 trillion? That Tesla Insurance continues to make an appearance in your factually devoid analysis brings humor to the entire episode of the promotion of your book and the car company. Suggesting the insurance business will be nearly as large as Progressive is today? Have you seen the 40% operating losses on the so minuscule book of auto insurance that it doesn’t merit mention in the company’s financial statements? Three years ago you predicted a 40% operating profit in insurance. I guess you meant losses, which actually makes sense. Not sure why @SECEnfDirector hasn’t descended on ARK’s offices in St. Pete or why @CFAinstitute is apparently disinterested in investigating a lack of reasonable basis in your “research” but one thing remains - ARK sure does know how to put a spin on the promote while eviscerating retail investment capital. At least you guys have gotten rich with more than $400 million in management fees while losing literally tens of billions. Grifters gonna grift.