Shark Tank Star Kevin O'Leary is more fond of Tesla's (TSLA) product than its stock.

"At some point it has to fall to gravity," he said. "It's been trading on a different planet for years and now it has to trade on Earth."

Tesla shares are up 54% since the start of the year, but are near bear market territory, down 14% from its peak for the year on June 23. The company's stock fell 0.4% to $328.14 per share on Thursday morning.

But O'Leary is a fan of CEO Elon Musk is a modern day Michaelangelo.

"He is a genius - I can't say enough good things about what he does for all sectors that he gets involved in," O'Leary said. "I'm an investor and at the end of the day, I look at each opportunity to put money in harms way - one stock at a time and that's not a stock I own," he said.

O'Leary is also the Chairman of O'Shares ETF Investments.

More of What's Trending on TheStreet:

Visit here for the latest business headlines.

More from Investing

Comcast Drops Bid, Disney Call Prices Pick up

Comcast Drops Bid, Disney Call Prices Pick up

United Continental Call Prices Fly After Earnings

United Continental Call Prices Fly After Earnings

Video: General Electric Shares Slump Amid Weakness in Power Division

Video: General Electric Shares Slump Amid Weakness in Power Division

Honeywell Gains Most in More Than Two Years on Growth Prospects

Honeywell Gains Most in More Than Two Years on Growth Prospects

How Some High-Yielding Closed-End Funds Are Benefiting From Rising Rates

How Some High-Yielding Closed-End Funds Are Benefiting From Rising Rates