Is Tesla The New Apple? Fund Manager Says Elon Musk’s Company Will Be ‘Much, Much Bigger’ – Tesla (NASDAQ:TSLA)

The reason for hedge funds Worm Capital‘s concentration in Tesla Inc. TSLA is due to its conviction in the electric vehicle maker’s dominance relatively early in the cycle, founder and chief investment officer Arne Alsin reportedly said during an investor Q&A session hosted by the fund.

What Happened: Owning Tesla in 2022 is like owning Apple Inc. AAPL in 2007, even 2003, or even earlier, Alsin said, according to the transcripts of the Q&A session shared by Tesla influencer Merritt Sawyer.

“And this company is going to be much, much bigger than Apple, in my opinion,” he said. He also suggested having more faith in the fund’s Tesla position generating significant returns going forward.

“I think we’ve barely scratched the surface of what this company can become,” Alsin said. His growth projections for Tesla are “far, far” beyond consensus expectations, he added.

See also: Is Tesla’s Hypergrowth Story Over Or Just Getting Started? Here’s What 2 Top Analysts Say

The Worm Capital CEO also predicted a “swell of activity” around Tesla among the investment community and on Wall Street.

Calling Tesla “Wall Street’s favorite stock,” Alsin said it has all the right ingredients, including fast growth into vast, global end markets, rapidly expanding gross and net margins, a wide moat, endless demand for products, and potential upside from energy storage , full-self-driving, bots, and AI.

He also said he was unfazed by the hatred among some quarters in the investment community.

“Many of the so-called “smart money” on Wall Street wouldn’t touch Amazon Inc.AMZN in the 2010’s but had no problem buying it in the 2020s,” Alsin said.

Alsin said the fund’s portfolio is now dominated by Tesla, Spotify Technologies AG SPOTand Amazon.

Price Action: In premarket trading on Friday, Tesla shares were down 1.81% at $298.25, according to Benzinga Pro data.

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