ARK Invest estimates the net present value of the autonomous ride-hailing industry at $2 trillion. Using this $2 trillion net present value estimate— if you think Tesla has a 30% chance of gaining a 7% market share, that would put the share price at $541. A 40% chance of a 10% market share: $765. Analyst Pierre Ferragu has a long-term price target of $530. He argues that $420 is too expensive for private investors. $541 is slightly above his price target, and $765 is far above it. Autopilot v9 is supposed to hit sometime in September— could be later, knowing Elon. If I’m understanding right, in this release, Tesla owners will be able to drive an entire highway from onramp to offramp without touching the controls— except to keep their hands on the wheel. That would be an incredibly impressive achievement, if so. If Autopilot v9 really can do this, I think it might prompt more mainstream analysts and institutional investors to start thinking about the value of the autonomous ride-hailing opportunity. We could see that start to get priced in. So, Autopilot v9 could make Tesla too expensive to take private. Of course, I don’t know what price private investors are willing to pay. It is an odd discussion because I don’t understand why private investors would pay a premium to own private equity in Tesla rather than just buy the public shares. Perhaps the Saudi Arabian foreign investment fund is willing to pay any price. But why?