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Ross Gerber, who was once a vocal critic of Elon Musk and Tesla Inc. (NASDAQ:TSLA), has now shifted his stance.
What Happened: Gerber, the CEO of Gerber Kawasaki Wealth, recently appeared on CNBC’s Last Call and expressed his bullish views on Tesla. He criticized short sellers for their “stupid” decisions and emphasized the long-term potential of Tesla.
This marks a significant change in Gerber’s position, considering his past criticism of Musk’s leadership and Tesla’s first-quarter performance.
Wedbush Securities analyst Dan Ives also acknowledged this shift, writing, “Nice to see the former bear” Gerber “changing teams and coming back” to the bull Tesla camp. Ives also questioned if the bulls welcome Gerber back or not.
Why It Matters: Gerber’s return to a bullish stance on Tesla comes after a series of critical remarks about Musk and the company’s performance. In April, Gerber blamed Musk’s “toxic” behavior for Tesla’s poor first-quarter sales, calling for a board overhaul. He stated, “Basically Tesla can't sell its cars due to Elon's behavior.”
In June, Gerber acknowledged Musk’s leadership at Tesla’s annual shareholder meeting, saying, “I love to see Elon running Tesla again,” while Ives predicted a trillion-dollar market cap for the EV maker.
Additionally, Gerber had previously criticized Musk’s decision to redirect Nvidia chips meant for Tesla to X and xAI, calling it “weird.” Musk defended his decision, explaining the logistical challenges involved.
Price Action: Tesla Inc closed at $262.33 on Tuesday, marking a gain of 3.71%. After-hours trading saw the stock rise further to 0.55%. Year to date, Tesla’s stock has risen by 5.60%, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
Posted In: TSLA
