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Tesla investor calls for Elon Musk to step down as boss (news.sky.com)

submitted 1 day ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Summary

A major early Tesla investor, Ross Gerber, has called for Elon Musk to step down as CEO unless he abandons his role in Trump's DOGE.

In an interview with Sky News, Gerber declared Tesla is "absolutely in crisis," citing neglect of the business while Musk pursues widening interests.

Tesla's market value has plunged over $800 billion since December amid slumping demand, Chinese competition, potential trade war impacts, and controversy surrounding Musk's government role.

Gerber claims Musk's divisiveness has "destroyed" Tesla's reputation despite having "the best product in the marketplace."

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[–] reddig33@lemmy.world 19 points 1 day ago* (last edited 1 day ago) (1 children)

Nothing will change until the institutional investors (the largest investors) wake up. Ross Gerber is not on this list.

https://finance.yahoo.com/quote/TSLA/holders/

[–] grue@lemmy.world 4 points 1 day ago

The institutional investors are mostly "dumb money" (index funds). They can't "wake up." Of the top 10 mutual fund holders as listed on the bottom of the page you linked, only #8 and #10 are actively-managed.