Gordon Johnson Dismisses 'Don't Bet Against Elon Musk' Narrative, Says Tesla Bears Have 'Won Big' Since 2022

Gordon Johnson, an analyst at GLJ Research, challenged the popular “don’t bet against Elon Musk” investment thesis Sunday, pointing out that Tesla Inc. TSLA shares have underperformed the broader market significantly since 2022.

What Happened: Johnson wrote on X that Tesla’s stock has declined about 19% since 2022, while the S&P 500 has risen by 22% during the same period, responding to a column by Charles Gasparino in the New York Post. “Those who have bet against him since 2022 have won BIG!”

Johnson added “Finance is not supposed to be political/emotional. It’s supposed to be fact-based!”

Gasparino’s column had argued against betting against Musk, comparing it to “betting against Mike Tyson in his prime” and noting Tesla’s stock has risen over 1,000% since 2018 when the company faced production difficulties and potential bankruptcy.

1/2 Why do you suck up to this guy so much? $TSLA's stock is down ~19% since 2022 vs. the SPX being up ~22% over the same timeframe. Why do you peddling this "don't bet against @elonmusk" lie? Those who have bet against him since 2022 have won BIG! https://t.co/R2sxwCY2IH
— Gordon Johnson (@GordonJohnson19) March 22, 2025

Why It Matters: The debate comes amid significant challenges for Tesla. The EV maker’s shares have dropped 34% year-to-date, coinciding with Musk’s increased involvement in President Donald Trump‘s Department of Government Efficiency (DOGE).

Additionally, the Financial Times recently reported a $1.4 billion discrepancy between Tesla’s capital expenditure and related asset valuations over the last six months of 2024.

Despite these issues, Tesla bull Dan Ives of Wedbush Securities remains optimistic, citing upcoming automated factories, the Cybercab launch next year, and a semi-truck factory scheduled for completion this year. Ives predicts Musk will soon reduce his government role to refocus on Tesla.

Benzinga Edge Rankings show Nio Inc – ADR NIO leading the EV race—outpacing Tesla and Rivian Automotive Inc RIVN in key metrics. See how it stacks up.