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Trying to fit some companies into familiar categories can be like trying to describe a smartphone as just a telephone. Tesla CEO Elon Musk says that’s exactly the mistake many investors make when they evaluate Tesla.
"If you value Tesla as just an auto company, fundamentally, it’s just the wrong framework," Musk said during Tesla’s first-quarter earnings call in 2024. Instead, he argued, Tesla should be viewed as a leader in artificial intelligence and robotics—businesses he believes will ultimately define the company’s future.
A Company Built Like a Portfolio
While the comments drew fresh attention, the idea itself wasn’t new.
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"Tesla should really be thought of as roughly a dozen technology startups, many of which have little to no correlation with traditional automotive companies," Musk wrote in a post on X in 2020.
Later that year, he expanded on the idea.
"Tesla is best understood as a collection of about a dozen startups, mostly in series, increasingly in parallel. Every product line & new production system was invented. Instead of playing chess with the same pieces as everyone else, create new pieces," Musk wrote in another post on X.
To Musk, Tesla isn’t one company wearing many hats. It’s a collection of ambitious ventures moving forward at the same time. One team is developing autonomous driving software. Another is building the Optimus humanoid robot. Others are designing batteries and AI chips, expanding energy storage through Megapack systems, improving manufacturing technology and growing the Supercharger network.
Viewed through that lens, comparing Tesla solely with traditional automakers misses much of what Musk believes investors are actually buying.
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Looking Beyond Vehicle Sales
That distinction helps explain why Tesla has long commanded a valuation that looks very different from legacy car manufacturers.
Traditional automakers are generally judged on vehicle sales, profit margins and cyclical demand. Musk has argued that framework overlooks businesses built around artificial intelligence, robotics, software and energy—areas he believes can ultimately scale far beyond automobile production.
Whether investors agree remains one of Wall Street’s biggest debates. Supporters see Tesla as a company building multiple high-growth technology businesses under one roof, while skeptics argue many of those initiatives are still years away from generating meaningful returns.
For Musk, however, the discussion has never been limited to electric vehicles. It’s about whether Tesla can successfully turn today’s research projects into tomorrow’s industry leaders.
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Building What’s Next
That philosophy extends beyond Tesla. Many startups are also trying to create entirely new markets instead of simply competing in existing ones. Immersed, for example, is developing spatial computing technology designed to reshape how people collaborate in virtual workspaces—an approach that echoes Musk’s belief that breakthrough companies don’t just improve familiar products, they rethink how people interact with them.
Of course, creating new categories is far more difficult than refining existing ones, and not every ambitious idea succeeds. But Musk’s framework has remained remarkably consistent for years. He doesn’t believe Tesla should be measured by the same yardstick as traditional automakers because, in his view, the company isn’t trying to build a better car company—it’s trying to build a collection of technology businesses that happen to include cars.
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Building Wealth Across More Than Just the Market
Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.
Arrived
Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.
Realberry
Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.
FarmTogether
Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.
Immersed
Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.
Fundrise
Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.
Mode Mobile
Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte’s fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.
EquityMultiple
For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process.
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This article Elon Musk Says ‘If You Value Tesla as Just an Auto Company, Fundamentally, It’s Just the Wrong Framework’ — More Like ‘A Dozen Technology Startups’ originally appeared on Benzinga.com.
