The oil companies are trying to sink Elon Musk's Tesla due to fears that they will be affected by the increase in electric cars, it has been said.
Ross Gerber, the head of the US wealth manager, Gerber Kawasaki, said that short sellers' bets against the company were being backed by Big Oil.
He said it was in the interest of these firms to silence Tesla because they could lose billions of dollars if the electric cars were extended. About a third of the world's oil demand comes from automobiles.
Oil companies are trying to sink Teson Elon Musk due to fears that they will be hit by the increase in electric cars, it has been said
The comments came after Musk revealed proposals to take Tesla privately despite the company's mountain of debt, which means it could be one of the most expensive purchases in history.
The sovereign wealth fund of Saudi Arabia, the world's largest oil exporter, also invested in it. Tesla shares jumped after the announcements, although short sellers and some analysts were skeptical about the possibility of a purchase agreement.
Yesterday, shares fell 5 percent and were approaching the level they were before Musk said he wanted the firm to become private.
Gerber said: "I have seen attacks by short sellers, many of whom are backed by the oil industry to destroy Tesla.
Yesterday, Tesla shares fell 5 percent and were trading near the level they were before Musk said he wanted to take private company
Ross Gerber, the head of wealthy US administrator Gerber Kawasaki, says oil companies are interested in rejecting Tesla because they could lose billions of dollars if electric cars were extended. About a third of the world's oil demand comes from automobiles
"When we examined some of the background of the short sellers, we discovered that many of them had large positions in the oil companies.
"This is a big business, these guys are not wasting their time, and they're definitely trying to take down Tesla." Gerber did not give examples of short sellers and yesterday he could not be reached for comment.
But the industrial body Oil and Gas UK said: "Claims do not marry facts, since many oil and gas companies are active investors in electric vehicles, produce the materials necessary to manufacture them and provide the energy necessary to operate them. & # 39;
Musk hates short sellers for a long time, whom he has described as "imbeciles who want us to die."
Tesla causes severe divisions on Wall Street, with some big names betting against her, including billionaire hedge fund David Einhorn & # 39; s Greenlight Capital and Carson Block & # 39; s Muddy Waters Capital.
After they lost billions of dollars recently as stocks rose, Musk, 47, tweeted: "Tragic, he will send Einhorn a box of shorts to comfort him at this difficult time.
However, many short sellers have remained in their positions.