Kevin O'Leary sure likes to speak his mind, and when it comes to Tesla (NASDAQ:TSLA) he's been all over the map. The Shark Tank investor has told the story multiple times—if Elon Musk had walked into Shark Tank before launching Tesla and pitched the idea of an electric car company, O'Leary would have shut it down immediately. "I would say, ‘You're crazy,'" he told CNBC in 2020, emphasizing that he typically only backs profitable businesses with a clear path to making money.
But despite his initial skepticism, O'Leary did end up investing in Tesla. He credits that decision to his son, Trevor, who interned at the company and saw its potential long before O'Leary did. In a 2022 YouTube clip, O'Leary recalled his reaction when he first considered the stock: "I want to short that stock, it's such a joke. It's a car company that's trading at a ridiculous price."
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Trevor didn't hold back. "No, you're a joke," he told his father. "You don't understand what Tesla is doing. I work there." He explained that Tesla wasn't just making cars—it was a data company. "Every mile a Tesla drives goes into a mapping database for autonomous cars," he said.
That was all O'Leary needed to hear. "I didn't know that," he admitted. Without hesitation, he bought Tesla stock, then put it on the back burner. Months later, he checked his portfolio and was shocked—his Tesla investment had jumped 1,000%.
Since then, O'Leary has become one of Tesla's biggest supporters. In December, he praised Musk's approach on social media, writing, "Elon Musk built Tesla into the most successful EV company by taking big risks and creating his own infrastructure. The others are losing money and failing to scale. Maybe they shouldn't survive."
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Six months ago, he took his praise even further, calling Musk "a modern-day Bruce Wayne—no BS, completely transparent, and knows how to get things done." O'Leary even suggested that if more leaders operated like Musk, "this country would be in a much better place."
But lately, Tesla's stock has been taking a beating. As of March 7, Tesla closed at $262.67, down 10% for the week and nearly 50% from its December high of $479.86. Musk's political involvement—particularly his alliance with President Donald Trump and his role in the Department of Government Efficiency—has fueled backlash. Some Tesla owners and potential buyers now see the brand as a political statement they no longer want to make.
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Sales are also slipping. In Europe, Tesla's registrations dropped 45% in January, even as EV sales overall climbed. California and other key markets have seen similar declines. Protests and even vandalism at Tesla showrooms have added to the company's brand struggles.
While O'Leary once dismissed the company, he now sees it as a prime example of bold leadership and innovation. However, with Tesla's stock sliding and Musk's political involvement stirring controversy, the bigger question is whether the brand can withstand the backlash—or if the man behind it will prove, once again, that betting against him is a mistake.
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This article Kevin O' Leary Says He'd Have Turned Down Investing In Tesla If Elon Musk Pitched The Company On Shark Tank — 'I Would Say, You're Crazy' originally appeared on Benzinga.com
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