ARK Invest’s Tesla model gathers dust

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In early June, Alphaville had a look at ETF-provider ARK Invest’s Tesla model which, in the spirit of transparency, the firm had open sourced on the internet.

For those of you not familiar with the business, ARK manages around $9bn of assets, investing in companies that it believes are involved in “disruptive innovation”. Tesla is one its largest holdings across its various funds. To nobody’s surprise, it also has a penchant for all things blockchain.

The Tesla spreadsheet, it seems, was posted as a means of justifying the firm’s $4,000 price target on the electric car company’s stock. A valuation, we should add, that had allowed ARK to become a go-to on financial news whenever the business was grabbing the headlines. In turn, helping it to market its retail products.

ARK Invest told us at the time that it had posted the model — which wasn’t really a model, more a price target using an ebitda multiple — “to battle test it in an open forum with the public”. The firm added that it was “happy that we received great feedback, which has improved our model”.

Since our article, however, nothing has happened to the model. On GitHub, the last version to be uploaded is still from 30 May.

Which is why we were surprised to see Ms Wood write this on Twitter early this morning:

A company that seems to have refrained from updating its only public valuation model does not strike us as one looking to “evolve an open source research ecosystem”.

But hey, we’re sure that line will make for a killer sound bite on CNBC.

Related Links:
ARK Invest's effective Tesla model — FT Alphaville
Why chartcrime has destroyed the blockchain — FT Alphaville
When Models Fail: How Financial Models Subsidize Poor Valuation Work (TSLA & Ark Invest) — The Market Plunger

  1. WeWrite-down
  2. No deal Brexit is not a hedge fund conspiracy
  3. Europe’s digital infrastructure issue
  4. Let’s give a helping hand to Andrew Yang
  5. Anatomy of a malware scam
  6. A delirious defence of Uber
  7. WeLiquid: Adam Neumann pockets $700m
  8. Yesterday, in efficient markets
  9. The warm fuzzy feeling of indirectly owning Tencent
  10. The best of Morgan Stanley's Adam Jonas
  11. Apple/Tesla: M&A and heartbreak
  12. Did Beyonce make $300m from Uber's IPO?
  13. Bitcoin is the 10-year Treasury of our time
  14. High resolution music is a solution looking for a problem
  15. Amazon is furious about this negative review
  16. Missing: $500bn of American savings
  17. Blockchain for Brexit: a wonderfully terrible idea
  18. The Bank of Hodlers [sic] (sigh)
  19. Behind the curtain at China Ding Yi Feng
  20. An answer to Mark Cuban's question
  21. Crumbs! It's CRYPTO: the movie!
  22. National Beverage Corp loses its fizz, and its mind
  23. Amazon won't spin-off Amazon Web Services
  24. Mensch! Dan McCrum is innocent, ok?
  25. Europe's $1 trillion tax gap
  26. Why online propaganda mobs are an investment red flag
  27. Davos has produced an amazing new guide on precisely how not to think about risk
  28. When the public relations industry does PR for itself
  29. Who wants to be crippled by student debt?
  30. The bitcoin price is wrong
  31. The warm fuzzy feeling of Goldman debt
  32. “Cryptoassets” are crashing again. Is it time to start calling them cryptoliabilities instead?
  33. Puff the tragic cryptowagon smokes out the Mumsnet demographic
  34. Don't write off the public sector
  35. Initiative Q: an elementary pyramid scheme with grandiose ideas [Update]
  36. Moral investments aren't outperforming
  37. No one is killing it in crypto (not even Woz)
  38. Too smooth: the red flag at Patisserie Valerie which was missed
  39. No, the housing crisis will not be solved by building more homes
  40. Sorry Civil, 'crypto-economics' and 'constitutions' won't save journalism
  41. 'Short-termism' isn't a thing, say Fed economists
  42. Coinbase wants to be “too big to fail”, lol
  43. Regulation and innovation don't have to be enemies
  44. Retailers get so lonely around the holidays
  45. Folli Follie: $1bn of fake sales, and what to learn from the debacle
  46. The new green evangelism
  47. Tilray, how low can it go?
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  49. Beware the Hindenburg Omen?
  50. The broken conversation about financial regulation
  51. The improbably profitable, loss-making Blue Prism
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  53. Wages and growth and honestly we just give up
  54. Britain's first blockchain-enabled co-working space isn't blockchain-enabled
  55. There is a FIRE that never goes out
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  57. IQE: lumpy 'Apple' sauce at the pricey Cardiff chip shop
  58. There's only so much a central bank can do alone
  59. Eight questions every first-time buyer should ask
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  61. Tesla: getting to Q3 profitability
  62. Turkey contagion fears are overblown [Update]
  63. The chance of an inflation shock may be higher than you think
  64. Sorry Tim, the humanity is not being drained out of music
  65. Digital crop circles
  66. What could go wrong here?
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  69. One for the ladies...
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  77. RBC, through the FANG barrier
  78. Self-help to buy
  79. CFA: Chartered crypto analysts -- updated
  80. The Netflix dilemma -- updated
  81. Fujitsu's new blockchain offering: really cheap or really expensive?
  82. Nothing But the Shirt on Your Back
  83. Universities of Britain: cosying up to crypto is a bad look
  84. How to make a living in the cult of meritocracy
  85. Spotify: Drake-oil salesmen
  86. Oh, the digital humanity
  87. Sports are not markets, predictions ain't investment
  88. Spot the difference, Steinhoff edition
  89. Larry Robbins, a cautionary tale
  90. The node to serfdom
  91. Carney is down with the crypto kids
  92. Samsonite: inventory, excess baggage, and unresolved questions
  93. It might be a long wait for “the equivalent alternative to ICOs”
  94. Don't blame it on the sunshine
  95. In corporate America, brands develop you
  96. One in ten dollars of US housing were anonymous
  97. Should AT&T worry more about its debt?
  98. Who cares if Elon is incinerating capital?
  99. Let’s not try make 'crypto chicks' a thing
  100. Tokens all the way down
  101. Eight-dimensional chess with Elon Musk
  102. A lopsided trade is a good trade, Italian inflation edition
  103. How to buy Italian fire insurance
  104. Atlas bugged
  105. Inflating inflation
  106. Crypto's most devout believers are suffering a crisis of faith
  107. Plus500: past performance is no guide to the future
  108. Noble rot in a shrinking Harbour
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  111. RIB Software: the unicorn rainy-day fund
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  114. At a crypto conference in New York, it feels like 2017 all over again
  115. Egregious expectations - Intelsat edition
  116. Bitcoin cash is expanding into the void
  117. Stop getting The Flintstones wrong
  118. Bond investors do not care if Argentina is solvent in 100 years
  119. Ubiquiti Networks: of cash and borrowed time
  120. “We're very disappointed in you, Spotify”
  121. 'Sex redistribution' and the means of reproduction
  122. Tesla probably needs to raise capital this year
  123. No entitlement crisis in America
  124. Free cash flow to whom?
  125. Hey crypto bros! Journalism ≠ advertising
  126. Human capital and the jobs guarantee
  127. This is a tech bubble, when's the crash?
  128. The magic of adjustments: ebitla-dee-da
  129. FUD, inglorious FUD
  130. A complex analysis reaches same conclusion as simple one: hedge funds suck
  131. The jobs guarantee and human-capital “nationalisation”
  132. These hedge fund numbers can't be right
  133. The Vomiting Camel has escaped from Bitcoin zoo
  134. Lies, damn lies, and charticles
  135. The world doesn't need more Elon Musks
  136. No, Facebook should not become a nonprofit
  137. Sell all crypto and abandon all blockchain
  138. Immutable ledgers meet European data protection
  139. Amazon is not a bubble
  140. Japan's economic miracle
  141. Have you ever meta crypto joke you didn't like?
  142. Delaware should change its rules to let the light in
  143. Who needs the labels anyway?
  144. Baby Boomers want your family to finance a larger share of their retirement
  145. No, America would not benefit from authoritarian central planning
  146. No one needs to buy Tesla
  147. How to win a debate in the cult of meritocracy
  148. Steinhoff International and the case of Pepkor Global Sourcing
  149. Sorry Jack, Bitcoin will not become the global currency
  150. The “academic’s cryptocurrency” is an elegant waste of time
  151. Cigarettes are the vice America needs
  152. Well that’s one reason to buy yen…
  153. Musicians, don't just blame the labels for your lack of dough
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  160. No Bloomberg, the world's richest people did not lose $114bn...
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  164. Someone is wrong on the internet: tontine tokens [Update]
  165. Someone is wrong on the internet, road economics edition
  166. Someone is wrong on the internet, wages and the stock market edition
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