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Female Millionaire: ‘We’re Happy As Apple Didn’t Buy Tesla, Which They Should Have”

In an interview CNBC on November 24th, investor Cathie Wood - CEO of Ark Invest said that Apple could have soon entered the self-driving car market if it had bought Tesla when this electric car company was struggling to develop its Model 3.

Source: Markets Insider


Wood’s view on driverless car and why Apple should have bought Tesla

She said that they have been watching Apple in every details this year.
“Because what is a self-driving car? It’s the ultimate mobile device,” Wood shared.
Apple’s shares set a record last Friday and continued to rise in Monday trading session this week, helping Apple's capitalization stand firmly above the $2.5 trillion mark.
Earlier, Bloomberg reported that the iPhone maker is accelerating in the driverless car segment.
Wood said that was a very difficult job – and given the recent changes in management staff, they would have been surprised if Apple were able to get it done so quickly.
She referred to a report by Bloomberg in June about the resignation of 3 senior leaders in Apple’s self- driving car segment.

Source: Wccftech

In 2018, Apple recruited Doug Field, then Tesla's Vice President of Engineering. It also employs countless other former Tesla employees.
Wood is a Tesla shareholder and believes in CEO Elon Musk. “This should have been Apple's market. Apple should have bought Tesla, they actually had a chance to do so. But we're glad Apple didn't,” she said.

Tim Cook rejected Musk’s proposal, and Tesla now thrives

In a tweet last December, Elon Musk revealed he contacted Apple CEO Tim Cook "during the darkest days for the Model 3" about the possibility of selling Tesla "for one-tenth of its then value". Musk said Cook "refused to meet."
The first Model 3s, a lower-priced sedan aimed at economical car buyers, were delivered in 2017, after having problems ramping up production to meet demand.
In 2018, Musk said that the car business was "hell" and that he was sleeping at the factory trying to solve the problems.
Tesla recently joined the $1 trillion market cap club, and Musk, the company's largest shareholder, just sold billions of dollars of shares he holds.

Source: Axios

Wood told CNBC that she sees "nothing wrong" with Elon Musk selling stocks for a profit and paying billions of dollars in taxes associated with option exercise.
Management filings late on November 23 show that Musk exercised a call option of 2.15 million shares of Tesla and sold 934,091 shares worth more than $1 billion. Since the November 6 Twitter poll, the world's richest man has sold 9.2 million shares of Tesla, worth $9.9 billion.
H/T: cnbc.com
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