Tesla, Inc. TSLA Shares have rebounded sharply from their early January intraday low of $104.64. Tesla investor and fund manager Gary Black Again he calls on the company buy back its shares despite the rebound in the stock.

What happened: To make Tesla and its CEO Elon Musk Look at the merits of his recommendation, Black said advice given by Warren Buffett to none other than Apple co-founder Steve Jobs

Buffett said in a 2013 interview with CNBC that Jobs once called him and the billionaire investor asked him if Apple stock was cheap. Jobs agreed. Buffett then asked a second question. “Have you got more cash than you need?” he asked. Jobs replied that he had “a little bit.”

The Oracle of Omaha told CNBC, “I said buy yours back then [Apple’s] Share.” Apparently Job didn’t heed his advice. When Berkshire Hathaway Shares were halved from $90,000 to between $40,000 and $45,000, and the company appeared to want to buy the shares but couldn’t, Buffett noted.

“But if you could buy dollar bills at 80 cents, that would be a very good thing,” he told CNBC at the time.

See also: The best stocks for electric vehicles

Why it matters: When Tesla fell off the cliff in 2022, Tesla bulls including Black and Ross Gerber of Gerber Kawasaki Wealth And Investment Management, has clamored for a buyback as a way to save ailing shares.

Black wrote an open letter to Tesla’s board of directors, urging them to initiate a $10 billion buyback.

Musk, however, was noncommittal. On the third-quarter earnings call, he said it was up to the board to decide on a buyback program. A share buyback in the range of $5 billion to $10 billion cannot be ruled out, he added.

Tesla operates in a capital-intensive industry that requires huge investments. At the same time, the yields are also very attractive. Therefore, investing profits in future growth opportunities may make more sense than buying back shares.

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