Tesla stock ‘a pump’ and SEC is ‘asleep at the wheel,’ blasts analyst

For years, Elon Musk has been working to position his companies – not the least of which is Tesla Motors (NASDAQ: TSLA) – as major and disruptive technological innovators.

While many have come to believe the claims that Tesla is more than a mere electric vehicle (EV) maker but also on track to becoming a proper artificial intelligence (AI) and robotics company, one analyst has continued stubbornly dismissing most of its advancements and products as little more than vaporware.

GJL Research chief slams Tesla over postponed FSD approval

Following the news that the rollout of Tesla’s self-driving technology in China might take longer than expected – it was initially scheduled for sometime in 2024 – Gordon Johnson of GJL Research called the initial announcement little more than a ‘pump.’

Johnson went on to describe such ‘meaningless announcements’ as a standard strategy employed by both Tesla as a company, and by Elon Musk himself. 

Per the analyst’s X post, the firm’s standard approach is to cushion bad news with bold proclamations of upcoming events, products, or services, and the head of GJL Research also added that such promises are seldom fulfilled.

Earlier this year, he used the historic example of Tesla’s self-driving technology, which has been repeatedly described as coming ‘next year’ for almost a full decade.

Is Tesla really pushing vaporware?

The ‘Robotaxi’ event, now scheduled for October, can also be interpreted as another example. It was first scheduled for August 8 – and first mentioned when TSLA shares were struggling – only to be postponed by about two months. Still, the credibility of such an interpretation will be more decisively established once the October 10 date comes and passes.

Another recent example of Tesla potentially using empty promises to ‘pump’ its stock at times of weakness came in the form of the Cybertruck. Initially marketed as a very durable vehicle and likely available with price tags starting at about $40,000, it is now only available at around $100,000 and above and is mired in allegations that rain and washing can seriously damage it.

Johnson implies Tesla should be investigated for fraud

Whatever the case may be – and whether overpromising and underdelivering is a deliberate strategy or a sign of internal turmoil – Gordon Johnson has used the same September 5 post to criticize the Securities and Exchange Commission (SEC) over being ‘asleep at the wheel.’

Judging from the comments regarding the self-driving news and the more recent criticism leveled against Tesla, Johnson evidently believes the company ought to be probed for fraud by the regulators.

Johnson is not alone in distrusting Elon Musk and Tesla

It is worth noting that the head of GJL Research is far from the only critic of Tesla and Elon Musk’s various practices. In fact, Musk once joked that he had become very good at lawsuits since he was always engaged in a large number of them.

Said proficiency became evident once more in August 2024 when a judge dismissed a lawsuit claiming Musk participated in a pump-and-dump scheme involving the popular meme coin: Dogecoin (DOGE).

Tesla stock price

On the stock market side, the initial hours of trading on Thursday appear to demonstrate investors are unphased by the self-driving postponement. Indeed, after suffering a major downturn on Tuesday and Wednesday – just like almost the entirety of the American stock market – TSLA shares opened with a 2.82% rise to $231.16.

Furthermore, once the extended session is considered, the 24-hour price change becomes 5.37%. Interestingly, the rally can at least partially be attributed to Elon Musk again promoting Tesla’s alleged humanoid robot program.

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