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Investor Gary Black<\/strong>, who is a managing partner at The Future Fund LLC<\/strong>, has outlined his take on why Tesla, Inc.<\/strong> has been declining for the past eight weeks.<\/p>\n On Thursday, the investor shared why he thought TSLA stock was on the decline in a post on the social media platform X. He said the stock was declining after analysts cut earnings estimates following the automaker\u2019s \u201cdisappointing\u201d first-quarter 2026 delivery figures.<\/p>\n \u201cTSLA P\/E being re-rated down as investors question whether TSLA can scale its robotaxi business,\u201d Black said in the post, sharing that the Robotaxi business was the \u201cprimary driver of its 2026 P\/E of 180x.\u201d The investor also compared Tesla\u2019s P\/E with other Magnificent 7 companies like Apple Inc.<\/strong>, Microsoft Corp.<\/strong>, Amazon.com Inc.<\/strong> and more, all of which have a P\/E of under 30x.<\/p>\n Don’t Miss:<\/strong><\/p>\n He then said that investors in the EV giant were \u201cdeluding themselves\u201d into thinking that Tesla was \u201con the verge of solving for generalized unsupervised autonomy,\u201d and that P\/E ratios and delivery figures do not matter. \u201cEVs still comprise 70% of Tesla profits,\u201d the investor said.<\/p>\n The investor then said that he believed Tesla had the \u201cbest full self driving product on the market,\u201d but lamented the lack of marketing, which held back its awareness among consumers. Full Self-Driving (FSD) would remain a \u201cniche product\u201d until the automaker \u201cchanges its strategy of using X promoters and word of mouth,\u201d he said.<\/p>\n Black has, in the past, questioned Tesla\u2019s marketing strategy, urging the automaker to market its products better, suggesting the automaker take a page out of Apple\u2019s marketing strategy.<\/p>\n\n