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- The billionaire investor Chamath Palihapitiya said Tesla was "generally misvalued" as people misunderstand its business model and "fundamentally disruptive" technology.
- The Social Capital CEO said Tesla was "no longer about the car business" but about fundamentally disrupting utilities and providing people "the ability to be energy independent."
- Shares of Tesla are up over 400% year-to-date.
- Watch Tesla trade live here.
The billionaire venture capitalist Chamath Palihapitiya told CNBC on Tuesday that Tesla was still undervalued as people continue to misunderstand its "fundamentally disruptive" technology and business model.
"Tesla continues to be underestimated," the Social Capital CEO said. "I think it is generally misvalued, and I think the people that are trying to compete with them are not the people they are competing with."
Shares of Tesla are up over 400% year-to-date. The electric-vehicle company also has a market capitalization larger than the "big three" automobile companies — General Motors, Ford, and Fiat Chrysler — combined and multiplied by three.
But Palihapitiya said Tesla was "no longer about the car business."
"The value of this business is about deregulating energy. That's about batteries and battery storage, and it's about disrupting utilities," he said. "It is about the combination of hardware and software that will give all of us individuals the ability to be energy independent, and I think that is a fundamentally disruptive thing."
While many investors were disappointed at Tesla's Battery Day event last month, Palihapitiya said he thought the "complete opposite." The investor said Tesla didn't just show a legitimate path for selling cars but demonstrated that the "disruption of utilities" is two to three years away.
"I'm an investor and an owner of rare earths that feed this supply chain of electrification," he said. "What I can tell you is that it was a meaningful leap in innovation that these guys presented."
The billionaire also said Tesla was "going to be one of the most valuable companies in the world."
It's already the 12th-most-valuable company in the world by market capitalization.
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