Gordon Johnson of GLJ Research has sharply criticized Wall Street for overlooking what he describes as Tesla’s (NASDAQ: TSLA) “decade-long lie” about its autonomous driving capabilities.
Johnson argued that Tesla’s claims regarding its Full Self-Driving (FSD) technology are misleading, emphasizing that the company does not operate a single robotaxi today, despite years of promises, he said in an X post on May 20.
He questioned why analysts and ETF managers continue to ignore these issues, describing it as a serious lapse in financial oversight.
“Why everyone (particularly the Wall Street analysts and ETF managers, who cover TSLA) continues to ignore this decade-long lie is one of the greatest mysteries in finance for anyone covering TSLA… with a shred of integrity that is,” he said.
Possible Tesla FSD disappointment
A long-time Tesla critic, Johnson, warned that the current cameras-only version of FSD is ineffective and predicted the upcoming robotaxi launch in June will be a major disappointment.
The analyst accused the Texas-based automaker of promoting a false narrative for nearly a decade, calling the anticipated robotaxi debut a “stock pump scheme.”
Moreover, Johnson contended that Tesla’s core business of selling electric vehicles is weakening amid these unfulfilled promises.
Meanwhile, as Tesla gears up to launch its robotaxi service in Austin, concerns over the readiness of its autonomous technology are intensifying. Notably, reports suggest Tesla had not yet begun testing its autonomous vehicles without safety drivers as of April, a crucial phase for validating the system’s reliability.
Adding to the scrutiny, the National Highway Traffic Safety Administration (NHTSA) has requested FSD data from Tesla as part of ongoing investigations into potential safety defects.
The agency’s concerns are rooted in the possibility that the robotaxi service will rely heavily on FSD, which has already been linked to significant safety issues.
Tesla stock price analysis
Despite these red flags, Tesla’s stock has continued to grow. Shares closed at $342.09 in the last trading session, down over 2% for the day but up 7% over the past week.
The rally comes amid backlash against CEO Elon Musk’s political views and the company’s disappointing Q1 2025 earnings report.
For the quarter, Tesla posted revenue of $19.34 billion, falling short of the $21.11 billion estimate.
To this end, Finbold reported that Johnson suggested the stock’s strong performance in the face of weak fundamentals could point to possible market manipulation.
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