Gary Black Echoes Elon Musk After Tesla CEO Warns Short Sellers, Including Bill Gates, That They Will Be Obliterated: Need To Have 'Their Heads Examined'

Author: Benzinga Neuro | July 02, 2024 10:18pm

Future Fund Managing Partner Gary Black has issued a stark warning to those betting against Tesla Inc. (NASDAQ:TSLA) stock.

What Happened: Black took to X to express his views on Tesla’s future, emphasizing the potential of the electric vehicle market and Tesla’s position within it. He predicted a significant increase in Tesla’s Total Addressable Market with the launch of a $25,000 vehicle in 2025 and the potential of Tesla’s autonomous driving technology to be worth $5 trillion.

“Anyone short $TSLA needs to have their head examined.” Black wrote.

Anyone short $TSLA needs to have their head examined.
– EVs are a great business (15% EV adoption today, going to 60% by 2030).
– TSLA will launch a $25K vehicle in 2025, significantly expanding its TAM.
– TSLA will solve generalized autonomy first, worth potentially $5T.
-… https://t.co/dUVitmVSSi
— Gary Black (@garyblack00) July 2, 2024

Black also mentioned Elon Musk‘s plans to use the knowledge gained from Tesla’s Robotaxi project to launch Optimus robots, which could potentially give Tesla a market cap of $20-$25 trillion.

Black quoted Musk’s post, where the Tesla CEO warned that once Tesla solves autonomy and has Optimus in volume production, anyone still holding a short position will be obliterated, “Even Gates.”

Musk’s tweet was in reference to one of the most famous Tesla short sellers, Microsoft co-founder Bill Gates.

Why It Matters: Black’s comments come at a time when Tesla’s stock is on the rise. The company’s second-quarter deliveries report ignited a stock rally, with the stock hitting resistance levels that had previously been a peak. This led to speculation about how far the rally would go.

Despite being a popular stock to short, Tesla’s stock has been performing well, Wedbush analyst Dan Ives raised Tesla’s price target to $300, citing the company’s AI potential, which he believes could be worth over $1 trillion. This reflects a significant increase from the previous target of $275.

Price Action: Tesla Inc. shares closed at $231.26 on Tuesday, up $21.40 or 10.20% for the day. In after-hours trading, the stock dipped 0.035%. Year to date, Tesla's stock has decreased by 6.91%, according to data from Benzinga Pro.

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