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

Data Regulation on FAANG's Could Just Be Underway: Cramer's Investing Teach-in

Data Regulation on FAANG's Could Just Be Underway: Cramer's Investing Teach-in

3 Things Investors Can Do to Stay Strategic When the Market's Volatile

3 Things Investors Can Do to Stay Strategic When the Market's Volatile

How to Be a Tactical Investor in the Current Market

How to Be a Tactical Investor in the Current Market

Canopy Growth CEO: Here's What the Future of Cannabis Looks Like for Investors

Canopy Growth CEO: Here's What the Future of Cannabis Looks Like for Investors

A Guide to Investing in the Fast-Emerging Cannabis Industry

A Guide to Investing in the Fast-Emerging Cannabis Industry