Tesla Investor Pushes to Oust Musk as Stock Plummets
One of Tesla’s major shareholders is calling for Elon Musk to be removed as CEO after the company’s stock took a nosedive, losing 35% of its value in just a few months. The drop comes as protests erupt over Musk’s vocal support for President Donald Trump and his role in the government.
Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, owns over 250,000 Tesla shares, which were worth $428 each in January but have since crashed to $240. Speaking to Newsweek, Gerber didn’t hold back, saying the board has been “wildly negligent” by allowing Musk’s behavior to hurt the brand. “Why has the board sat quietly while so much value has been lost to the point where people are setting Teslas on fire?” he asked.
Protests and Boycotts Heat Up
Musk, once a favorite among liberals, has faced major backlash after aligning himself with Trump and taking on a leadership role in the Department of Government Efficiency (DOGE), which has cut thousands of federal jobs. In response, Tesla owners and activists have taken to the streets, with reports of cars being vandalized, entire dealerships torched, and a nationwide protest called “Tesla Takedown” set to hit all 277 dealerships on March 29.
Despite the growing outrage, Musk himself remains insulated from financial damage. He owns just 12% of Tesla and has plenty of money tied up in other ventures like SpaceX and his social media platform, X. Gerber argues that the Tesla board won’t act because they’re too loyal to Musk. “They’re highly compensated by him and won’t do anything he doesn’t approve,” he said.
Not Everyone Wants Musk Gone
Not all Tesla investors agree with Gerber. Christopher Tsai, another major shareholder, told *Newsweek* he believes Tesla’s stock will bounce back and that Musk’s time in government will be short-lived. “We are unequivocally opposed to any effort to remove Elon as CEO,” Tsai said, calling him “a visionary of this generation.”
Tsai pointed out that his firm, Tsai Capital, has made six times its original Tesla investment since 2020. “The returns he has generated speak for themselves,” he added.
With shareholders divided and protests escalating, Tesla is at a crossroads. The question now is whether Musk’s leadership will continue driving the company forward dor if his political involvement will send it into a deeper spiral.
