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A major Tesla stakeholder has publicly demanded the removal of Elon Musk as CEO, following a substantial decline in the company’s value attributed to nationwide protests against Musk’s involvement in the Trump administration.
Ross Gerber, who heads Gerber Kawasaki Wealth and Investment Management and holds over 250,000 Tesla shares, is leading the charge for Musk’s ouster. The company’s stock has plummeted from $428 to $240 per share in early 2025, representing a 35% decline. In a Newsweek interview, Gerber endorsed the idea of removing Musk from his position.
“Why has the board of directors sat quietly while so much brand value has been eroded to the point that cars are being set on fire?” he said. “It’s been wildly negligent that the board has done nothing to curb Elon’s behavior, especially around extremist statements.”
Ross Gerber thinks Elon Musk’s politics are hurting Tesla, but Tesla is still leading in EVs and moving faster than anyone else
Musk built Tesla, why doubt him now?!$TSLA pic.twitter.com/pzUAeySBqO
— Herbert Ong (@herbertong) March 21, 2025
The public perception of Musk has shifted dramatically since his alignment with President Trump and his role in the Department of Government Efficiency, where he’s overseen significant federal workforce reductions. Tesla properties have become targets of vandalism, with multiple vehicles and dealerships damaged. Activists are planning coordinated protests at all 277 Tesla locations nationwide on March 29.
Despite owning 12% of Tesla, Musk’s diverse portfolio, including X and SpaceX, means the protests may impact other stakeholders more severely. Gerber criticized the board’s loyalty to Musk, suggesting their compensation influences their decisions.
“I think Tesla needs a new CEO.” Amid cratering sales and plummeting stock, top Tesla investor Ross Gerber calls on Elon Musk to resign as CEO, or give up his work for DOGE. pic.twitter.com/a9WjOZ1RET
— Mike Sington (@MikeSington) March 19, 2025
However, Christopher Tsai presents a contrasting viewpoint, expressing confidence in Musk’s leadership. “We are unequivocally opposed to any effort to remove Elon as CEO. He has created immense value for shareholders and has consistently demonstrated an unparalleled ability to manage multiple ventures successfully,” he said. “Elon is a visionary of this generation, and as fiduciaries, it is our responsibility to align our clients’ capital with the highest-quality businesses we can identify and understand.”
Tsai, whose firm has multiplied its Tesla investment sixfold since 2020, added, “The returns he has generated for our clients speak for themselves.”
