Gary Black Says Tesla Bulls On Social Media Are Like College Students Doing 'Tequila Shots'

Tesla shares were the focus of a bearish commentary from Future Fund’s Gary Black, who criticized social-media bulls for overhyping the company’s autonomy progress and Cybercab narrative. Black said Tesla has not demonstrated unsupervised autonomy at the level bulls suggest, arguing that Cybercab still appears to require safety monitors and that scaling to uncharted cities remains unresolved. He also highlighted valuation concerns, citing Tesla’s 200x 2026 earnings multiple and 5.7x PEG ratio as difficult to justify. Black framed Tesla’s five-year stock performance as underwhelming versus the Nasdaq 100, which he said has nearly doubled Tesla’s gains over the same period. He nonetheless believes Tesla could be among the first to achieve unsupervised autonomy, while noting that Alphabet, Baidu, and Amazon may also get there through their own vehicle businesses. Overall, the article reinforces skepticism around TSLA’s near-term narrative and valuation despite continued investor enthusiasm.