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Gordon Johnson, CEO / Analyst at GLJ Research, highlights concerns about the readiness of Full Self-Driving (FSD) technology at TSLA. Johnson points to recent comments from Elon Musk during an earnings conference call, stating that FSD is "far from ready" and warning that this could place 80–90% of TSLA’s valuation at risk.
Johnson questions why these admissions, which could have a significant impact on TSLA's market value, are not receiving more attention in financial markets.
Johnson has previously tracked options activity at Tesla, noting that the put/call open interest ratio hovered near 0.72x without the typical volume decline. He has also commented on broader risk events, such as how war can force investors to sell assets for dollar liquidity. These observations add context to his warnings on FSD and TSLA’s valuation.