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ARK Invest predicts Tesla's stock price will reach $2,000 by 2027 / Luxury shopping breaking records / Bill Gross invests in regional banks

Plus: Deloitte set to cut at least 1,200 jobs

Inside.com Part of   Network April 21, 2023

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ARK Invest has predicted that Tesla's stock price will reach $2,000 by 2027. The company also announced that it bought $42M worth of $TSLA. More: The firm, which rose to fame after investing in Tesla's stock and believed in the company's potential at a time when most institutional investors did not, has released its new research paper where it showcases its expected value for Tesla's stock price. ARK has presented base, bull, and bear-cases prices, including potential business decisions that could lead the company toward any of these scenarios. Tesla's base case stock price is $2,000, its bear case is $1,400, and its bull case is $2,500. ARK Invest claims that the largest factor that will push Tesla's stock to reach $2,000 is the fact that it has an advantage in self-driving technology in offering a driverless ride-hailing service compared to other automakers. In its bull case scenario, ARK expects Tesla to deliver over 20.7 million vehicles in 2027, while in its bear case, it expects the automaker to deliver 10.3 million EVs. The company believes that if its driverless ride-hailing service were to be launched successfully, Tesla could add over $600B in revenue. $TSLA is currently trading at $164.

Luxury shopping is breaking previous records as French luxury companies reach all-time high stock prices. The owners of brands such as Hermes and Dior have seen their wealth jump $93B in 2023. More: L'Oreal heir Francoise Bettencourt Meyers, the wealthiest woman on the planet, has seen her net worth rise to $93.3B. The figure is nearly $22B more than she had in early 2023.  The makeup and skincare company, founded by her grandfather, saw its shares reach an all-time high price after posting strong earnings. LVMH CEO Bernard Arnault, who controls brands such as Christian Dior, Tiffany & Co., and Moet & Chandon Champagne, has become the world's richest person this year. His wealth rose to $210.7B in 2023, thanks to strong consumer demand and earning returns.  The family behind Hermes International, also French, has seen its net worth rise by more than $60B and is now worth $157B.

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Bill Gross, an investor known as the "Bond King," has purchased stock in multiple regional banks. The investor aims to capitalize on lower prices that regional stocks are trading at after the recent crisis. More: The investor shared the news on his website, where he also wrote his opinions on the decisions that the Federal Reserve, the CEOs of the major banks in the U.S., U.S. politicians, etc., have made. Known for his controversial stances, Gross claims that public markets and low stock prices have enabled him to own a bank, a business that, according to him, is "a license to make money" if run properly. The investor has bought stock in companies such as: Western Alliance Bancorp, Synovus Financial Corp, and PacWest Bancorp. He added that U.S. and global economies would have difficulty bringing inflation to the targeted 2%; therefore, investors should own inflation-protected bonds rather than Treasuries. Gross believes that consumer prices will increase at 3% per year for the unforeseeable future. The 79-year-old retired from Janus Henderson Investors and active fund management in February 2019. He now focuses on managing his personal assets and his $350M private charitable foundation.

Consulting giant Deloitte is reportedly set to cut at least 1,200 jobs. The most affected department will be the finance advisory department. More: The 1,200 job cuts mean the company's overall U.S. workforce would be reduced by 1.5%. Deloitte officials claim that demand for its U.S. consulting business is still strong and that the company would take "modest personnel actions" to make it more efficient. Deloitte's U.S. workforce rose from 65,000 in 2021 to 80,000 in 2022, an overhiring trend that was seen in most of the major companies in the U.S. Earlier this year, Deloitte's competitors, such as KPMG and EY, laid off 2% and 5% of their U.S. staff, respectively.

Lyft has announced it will cut 1,200 jobs as part of a cost-cutting plan. The figure represents 30% of the company's entire workforce. More: The job cuts could help the company reduce its costs by 50%, according to industry experts. The ride-hailing service laid off 700 employees in 2022. Lyft stated that the decision is a difficult one for the company but would ultimately help make Lyft more competitive and enable it to provide a better user experience. The company has lost market share to its ride-hailing competitors, such as Uber, which has expanded to international markets and provides services such as food delivery. The company's stock ($LYFT) has dropped by 70% in the last 12 months.  Note: Inside.com CEO and founder Jason Calacanis is an investor in Uber.

Braya Renewable Fuels has raised a $300M funding round to produce renewable fuel for the aviation industry. Energy Capital Partners was the lead investor. More: Braya Renewable Fuels owns the Come By Chance Refinery, which is currently being converted to a renewable fuel operation. The refinery plans to produce second-generation renewable biofuel and sustainable aviation fuel to help decarbonize the heavy road transport and aviation sectors. Second-generation biofuel can be consumed as a 100% replacement product for diesel without the need for chemical blending. The project is planned to produce 18,000 barrels of low-carbon renewable fuel daily, with a plan for expansion in the imminent future. The company is based in Canada.

Quick Hits: Miro provides a collection of 300+ ready-made templates that give every team the ability to communicate, create, and collaborate in seconds.* The Supreme Court ordered the abortion pill mifepristone to remain available while its legal battle plays out in the Fifth Circuit Court of Appeals. Autotech Ventures raised $230M to invest in transportation startups.  Economists have stated that the British economy prevented a contraction thanks to increased consumer spending during the holiday season. Five NFL players have been suspended in a recent gambling scandal that led to a league-wide investigation. Habi raised a $100M debt funding round to offer secure real estate transactions in the Latin American market. Focus your reps on the right deal at the right time. Read the report to see how revenue intelligence helps you find success now.* *This is sponsored content.

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Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords.

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