Several electric vehicle stocks are on the move Monday after the U.S. Senate passed the Inflation Reduction Act in a 51-50 vote over the weekend.
O'Shares ETFs chairman and "Shark Tank" investor Kevin O'Leary criticized the bill Monday on CNBC's "Fast Money Halftime Report," despite it being favorable for the EV names in his portfolio, including Tesla Inc TSLA, Ford Motor Co F and General Motors Co GM.
"I'm very positive on the fact that all of this is going to stimulate those stocks. There's no question about it," O'Leary said.
However, he takes issue with the bill itself, as he sees it as a waste of taxpayers' money.
"It really does point out how blunt an instrument a bill like this is, how inefficient and wasteful it can be," O'Leary said.
The "Shark Tank" investor highlighted the outsized demand for Tesla vehicles. Demand for Tesla's Plaid models is so strong that reservation holders are trading premiums in order to try to move up the wait list, he said: "And now we are giving them free cash?"
"I mean, that's just plain dumb and a really wasteful use of taxpayers' dollars. So any time I get a chance to criticize this bill, I do because it is bad policy," O'Leary said.
"As a shareholder, yes I'm benefitting, yes I'm up 4% or 5% across the board on these names, but what a waste of money! Just a plain waste. I feel bad, I'm going to go to a funeral on Tuesday for all that money that died. This is just really dumb to do."
TSLA, F, GM Price Action: At press time, Tesla was up 3.51% at $894.90, Ford was up 3.1% at $15.77 and GM was up 4.44% at $37.66, according to data from Benzinga Pro.
Photo: Carolyn Booth from Pixabay.
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