Ark Investment Management founder Cathy Wood admits that due to Elon Musk’s close ties to the Trump administration and his activities at the Department of Government Effectiveness (DOGE),Tesla's brand has been damaged. Wood said in an interview on Monday local time: "The brand is damaged, this does happen.
However, she doesn't think the damage is long-term. "We believe Tesla will have a lock on the self-driving taxi business in the U.S.," Wood said. She then highlighted the company's upcoming rollout of self-driving taxis in Austin next month and reiterated her optimism.
"We believe they will spread across the United States. Especially if we move regulation from the state level to the federal level, we believe that will happen," she shared.
"The macroeconomics are hurting as well," Wood said of the impact of President Trump's auto tariffs on the industry as a whole. She also acknowledged the importance of Musk leaving DOGE. “The impact of what he did was important,” she said.