Gary Black Says He Doesn't Believe Elon Musk Is Selling After Tesla Stock Drops Despite Massive Q2 Delivery Beat: Here's Why

Investor Gary Black of The Future Fund LLC disputed speculation Thursday that Elon Musk was selling Tesla Inc. (NASDAQ: TSLA ) shares, arguing that company lawyers would be unlikely to allow insider sales during Tesla’s blackout window before second-quarter earnings.

Black Says Musk Is Likely Not Selling Black was responding to a post that claimed Tesla’s sharp $40 drop looked unusual after a major delivery beat and suggested Musk might be selling shares to fund another purchase. "I don’t believe it’s Elon selling.

Even with a 10b5-1 plan I doubt the lawyers would allow him to sell in the blackout window which generally starts two weeks before the quarter closes and ends the day after earnings 7/22," Black wrote on X.

I don’t believe it’s Elon selling.

Even with a 10b5-1 plan I doubt the lawyers would allow him to sell in the blackout window which generally starts two weeks before the quarter closes and ends the day after earnings 7/22. $TSLA — Gary Black (@garyblack00) July 2, 2026 A corporate blackout window is a period when company insiders are generally barred from trading company shares to reduce the risk of insider trading.

A 10b5-1 plan is a prearranged trading plan that can allow executives to buy or sell stock automatically under preset conditions, even during restricted periods, if the plan meets legal requirements.

Delivery Beat Fails To Lift Tesla Shares Tesla reported Thursday that it delivered 480,126 vehicles between April and June, about 18% above the 406,000 units forecast by sell-side analysts in Tesla’s own compiled consensus.

The stock still fell more than 7% on the day.

Black called the move "selling the news," noting that Tesla shares had rallied in anticipation of a strong report.

He said the delivery beat was excellent, up 25% year over year, but added that the market remains focused on artificial intelligence and robotaxis, which delivery figures alone do not validate.

Read Also: Cathie Wood Buys the Tesla Dip, Keeps Dumping Alibaba Stock: What You Should Know About Ark's $38 Million Bet Others offered a similar explanation.

Gene Munster, managing partner at Deepwater Asset Management, described the drop as a likely "buy on the rumor, sell on the news" reaction after the stock’s strong run ahead of the report.

Munster also said investors were questioning how much high gasoline prices helped Tesla’s deliveries.

Gas prices were elevated during the quarter, with AAA data showing the national average topped $4 in early June and remained under pressure from oil market uncertainty.

AI And Earnings Remain Investor Focus Tesla’s broader story increasingly rests on more than vehicle deliveries.

Wall Street has been watching the company’s Megapack energy storage business, which Reuters estimates could generate nearly one-fifth of expected annual revenue, as a cushion against cooling EV demand. has also earlier reported that analysts see Tesla’s high valuation tied heavily to FSD, robotaxis and Optimus.

Tesla is scheduled to report second-quarter earnings on July 22, 2026.

Analysts expect earnings of 42 cents per share on revenue of $24.61 billion, according to Pro data.

Price Action: Tesla stock closed Thursday at $393.45, down 7.49%, and added 0.24% to $394.40 in after-hours trading.

Edge Stock Rankings indicate Tesla stock has a Momentum score in the 62nd percentile and a Value score in the 3rd percentile.

Read Also: Elon Musk Says Optimus Production Will Be 'Extremely Slow' in the Beginning: 'This is Not Like Making a Car' Photo courtesy: IAB Studio on Shutterstock.com