Gary Black Likes Elon Musk's Tesla But Not TSLA, Draws Comparison With Amazon—Says Nvidia 'Democratizes Autonomy'
- - Gary Black Likes Elon Musk's Tesla But Not TSLA, Draws Comparison With Amazon—Says Nvidia 'Democratizes Autonomy'
Badar ShaikhJanuary 18, 2026 at 1:51 AM
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Investor Gary Black, managing director of The Future Fund LLC, has shared that Tesla Inc.'s (NASDAQ:TSLA) stock valuation has caused him to exit his position in the automaker.
Gary Black Offers Insight Into Tesla Valuation Criticism
The investor, in a post on the social media platform X, offered an insight into his outlook on Tesla, drawing comparisons with Amazon.com Inc.'s (NASDAQ:AMZN) stock during the e-commerce giant's early days.
Black shared that he held Amazon stock before it was profitable and trading with "an infinite P/E," because the investor could see its retail future.
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"AMZN built a fulfillment and distribution infrastructure that allowed it to deliver products next day," Black said, which set it apart from other retailers. The investor shared that it was the same reason why he invested in Tesla back in 2019.
"No other auto manufacturer could build high quality EVs at a huge cost advantage," he said, sharing that Tesla was his fund's "largest position" for years. However, his fund ultimately exited its Tesla position because "competition penetrated the EV market," and the company's stock price ran "far ahead" of the investor's estimates, something which he has questioned on multiple occasions.
He also shared that he sees a similar trend now with autonomous driving, as many competitors are offering "unsupervised autonomous ride hailing" with many more to come as Nvidia Corp. (NASDAQ:NVDA) "democratizes autonomy" with the Alpamayo technology. "We still like TSLA the company but don't like $TSLA the stock," he said.
Many here on X forget that I owned $AMZN before it was profitable (even with an infinite P/E) because I always considered it an online retailer and never just a book seller. AMZN built a fulfillment and distribution infrastructure that allowed it to deliver products next day… https://t.co/tswsmDargI
— Gary Black (@garyblack00) January 16, 2026
See Also: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Tesla's Sales, FSD Subscription Revamp
The comments come as Tesla's Model Y emerged as the best-selling EV in the U.S. last year, with the company selling over 357,528 units of the Crossover. The company also revealed a 7-seater layout version of the Model Y, which could help boost its sales.
Meanwhile, CEO Elon Musk also announced that the company is ending the FSD's $8,000 one-time payment option, with the company now offering the service only with a $99/month subscription option instead.
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