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00:02Investor Gary Black said he exited Tesla and corporated shares due to valuation concerns.
00:07According to a post on X, Black, the managing director of the Future Fund LLC,
00:12compared Tesla to Amazon.com Inc. during its early and profitable years.
00:16He said he previously invested in companies with high valuations when he saw durable competitive
00:21advantages. He said Tesla once held a large cost advantage in building high-quality electric
00:26vehicles and was his fund's largest position for years. He said competition later penetrated the
00:31EV market and Tesla's stock price moved far ahead of his estimates. Black said he sees a similar
00:36pattern emerging in autonomous driving as competitors launch unsupervised ride-hailing
00:41services. He said NVIDIA's Alpameo technology is broadening access to autonomy. The comments come
00:47as Tesla's Model Y became the best-selling EV in the U.S. last year with over 357,528 units sold,
00:55while CEO Elon Musk said the company is ending the $8,000 FSD purchase option.
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