Tesla Inc. (NASDAQ:TSLA) investor Gary Black criticized what he called a "polarized" debate around the stock, arguing that bulls attack anyone who questions the company’s valuation or performance.
Black Rebukes Tesla Bulls Over Online Attacks
"Many $TSLA bulls resort to attacking posters who bring up thoughtful contrarian views," Black wrote in a reply on X. "It’s a shame that the board has become so polarized that those who don’t agree with the cult are instead attacked."
Black, in a separate reply, restated that investors who bought Tesla during the past five years underperformed "a basket of random NDX names," based on charts comparing the stock with the Nasdaq-100. He rejected longer comparisons because Tesla’s investment case changed after it achieved profitability, made the Model Y a major seller and joined the S&P 500.
Those milestones made Tesla his largest position from 2019 through 2023, Black said. "But investment theses should and do change over time." He valued Tesla at $312 and warned investors not to "fall in love with the stock."
FSD Becomes Central Test Of Tesla Thesis
Full Self-Driving now sits at the center of that thesis. Black has earlier said Tesla’s Cybercab expansion remains "just for show" until it achieves true autonomy and argued stronger vehicle sales did not prove a "newfound infatuation" with FSD.
Elon Musk-led company reported record net new FSD subscriptions in the second quarter and said more than 55% of North American deliveries included subscriptions. The EV maker recently revealed that global subscriptions approached 1.5 million. Tesla still calls the product FSD (Supervised) and requires driver attention.
Wall Street remains split. JPMorgan upgraded Tesla to neutral in June, saying autonomy and robotics could reshape earnings while warning of execution risks. Morgan Stanley analysts later said investors wanted evidence that Tesla’s spending was strengthening its "physical AI moat."
Analysts Question Tesla’s Robotaxi Execution Pace
Skepticism sharpened after Tesla adopted a more cautious robotaxi tone. Wells Fargo analyst Colin Langan asked why its fleet remained "in the dozens as opposed to hundreds." Forrester analyst Paul Miller noted Tesla’s unsupervised mileage remained far below Alphabet-backed (NASDAQ:GOOG) (NASDAQ:GOOGL) Waymo’s.
Reuters separately identified flaws in Tesla’s FSD safety comparisons after consulting researchers and former employees. Tesla did not answer detailed questions.
Benzinga Edge Rankings show Tesla stock scores poorly on the Momentum and Value metrics, but provides satisfactory Growth and Quality.
Price Action: Tesla shares were up 0.79% to $313.66 during pre-market trading on Monday.
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