Editor in Chief of Electrek: "Why I sold all my Tesla shares?"
I fully divested from Tesla, selling all my shares. I'm going to try to explain why. At Electrek, we like to be clear about our biases rather than claim we have none.
In the last few years, Tesla has become a widely different company. My main issue with this shift is that I no longer feel like the original mission to accelerate the advent of sustainable transport or renewable energy is a priority.
Now, it's all about AI, self-driving, and robots.
I'm not saying that those things are wrong or that they will not happen. I think all these technologies are important and will transform the world, but it's simply not what I invested in.
I would also argue that Tesla is not the same company, which makes sense since the company is no longer about its mission.
That's my main issue. It can't be more evident than Tesla's EV deliveries tracking down year-over-year for the first time in a decade, Musk canceling EV programs in favour of Robotaxi, and even the CEO going as far as saying that "Tesla is worth nothing without self-driving."
My other issue is the leadership. I don't trust Elon Musk anymore. I think a combination of social media addiction and the cult of personality around him has broken his feedback loop and set him on the wrong path.
I think he disqualified himself from running Tesla or any public company when he started threatening to breach his fiduciary duty to shareholders if he didn't get 25% control over Tesla.
On top of my distrust of the CEO, I think that his own changes in the last few years, combined with the shift away from the mission, have driven a lot of the rest of the leadership away.
In the last few years, I've seen tons of high-level departures and very few new top hires. It's clear that there has been a significant talent exodus at Tesla, especially over the last year.
I see a lot of signs that we are entering a recession. I prefer to be more liquid in those situations, and Tesla is up 10% in two days for seemingly no reason, so it felt like a good time to get out since I don't feel aligned with shareholders.
I sincerely hope the best for them, though. I know that many of them are well-intentioned people. That said, I recommend caution as I think you are also in the company of low-moral individuals who are poisoning the TSLA community.
I am simply not convinced that Tesla can solve self-driving anytime soon or before others can solve it.
Why? As a Tesla shareholder, you have two options: take Elon at his word or trust the data.
For the reasons mentioned above, I don't trust what Elon says, so we can forget about the former.
As for the latter, despite Tesla now openly using miles between interventions as a metric to track FSD progress, the automaker has never released this data. This is a giant red flag.
For the latest v12.3.6 FSD version, it is 30 miles between disengagement and 189 miles between critical disengagement. Most experts are talking about 400x to 1,000x needed to achieve an unsupervised robotaxi service.
Even with exponential growth, this will take way longer than what Elon is claiming right now.
If the Tesla investment thesis relies on this program to work, which is what Elon himself is saying, it's a pass for me.
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