Future Fund LLC‘s managing director, Gary Black, says that Tesla Inc.‘s (NASDAQ:TSLA) June 12 Robotaxi launch poses no significant threat to Uber Technologies Inc. (NYSE:UBER)
What Happened: “$UBER -4% today on confirmation TSLA will move forward with its Austin robotaxi test starting June 12,” the investor said in a post on social media platform X on Thursday.
Black then went on to outline how the “Robotaxi Test” would feature 10-20 Model Ys — echoing Tesla CEO Elon Musk‘s earlier comments — equipped with the company’s latest Full Self-Driving (FSD) technology, which would be remotely monitored by teleoperators.
However, the investor added that it was “hardly a risk to the $UBER business model.” Black then went on to claim that because of this, “$Uber will offer a low-cost driverless option from every auto mnfr approved for general unsupervised autonomy except $TSLA.”
Why It Matters: Black’s comments come in as Future Fund offloaded the remainder of its Tesla position, citing numerous concerns with issues like valuation, cheaper Tesla models, among others.
Interestingly, Musk had earlier brushed off any potential deals with Uber and instead touted a proprietary platform for Tesla owners, which would let them “add or subtract” their cars to and from the company’s autonomous fleet and earn money.
However, the Robotaxi launch has inspired confidence among analysts, with Musk’s exit from DOGE only adding to the sentiment. Wedbush Securities’ analyst Dan Ives called Musk’s decision “music to the ears” of Tesla investors and reiterated his bullish views on the company’s autonomous driving tech.
Despite the Robotaxi launch and Musk’s commitment to the brand, many investors and insiders have sold their Tesla positions, including ARK Investments‘ Cathie Wood and Musk’s brother, Kimbal Musk.
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