Tesla investor Ross Gerber says he’s been dumping the stock because no one wants the company’s cars or robots

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Tesla investor Ross ******* says he’s been dumping the stock because no one wants the company’s cars or robots

The used car market is now swarmed with old Teslas, longtime shareholder Ross ******* said.Emma McIntyre / Staff/Getty Images

Tesla stock is in a “quagmire,” longtime investor Ross ******* said.

He said he sold around $60 million in Tesla shares amid growing concerns over the carmaker.

No one seems interested in buying Tesla’s cars anymore, ******* told Yahoo Finance.

One of

This is the hidden content, please

• Sign In
• or
• Sign Up

longtime investors has dumped around half his stake in Elon Musk’s carmaker.

According to longtime shareholder Ross *******, that’s because no one seems interested in buying its 

This is the hidden content, please

• Sign In
• or
• Sign Up

 or robots.

*******, who’s been a

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

of

This is the hidden content, please

• Sign In
• or
• Sign Up

since the Tesla CEO acquired

This is the hidden content, please

• Sign In
• or
• Sign Up

in 2022, said he had sold around 60 million worth of his Tesla shares. His investment fund still has a $50 million stake in the company, ******* told

This is the hidden content, please

• Sign In
• or
• Sign Up

in a recent interview.

“Over time, I’ve just been sort of lowering my position, because I just don’t have the same confidence they’re going to achieve the goals that were set out for Tesla several years ago and even recently, which is to sell more cars,” ******* said, dimissing bullish talk on Tesla’s

This is the hidden content, please

• Sign In
• or
• Sign Up

and

This is the hidden content, please

• Sign In
• or
• Sign Up

. “That’s just a distraction from the fact that they need to sell cars, this year, and next year, and the year after, because none of this is coming soon.”

Other Tesla investors have also grown skeptical and impatient over the car company’s trajectory. Tesla’s stock is down 13% his year, largely due to

This is the hidden content, please

• Sign In
• or
• Sign Up

, rising competition in China, and drama surrounding Elon Musk’s

This is the hidden content, please

• Sign In
• or
• Sign Up

.

The used car market is now swarmed with old Teslas, ******* said, adding that he’s been unable to offload his own Tesla at what he deems a fair value.

“It’s really a quagmire where you have the best products in the industry, but a CEO who doesn’t actually work there, who doesn’t try to sell the cars,” ******* said. “We’ve seen sales go down, and that’s what’s happening. If you’re expecting a great quarter, you’re wrong. They’re not selling any Teslas here, other than basically,

This is the hidden content, please

• Sign In
• or
• Sign Up

.”

Story continues

And while analysts have made the case that the company is being

This is the hidden content, please

• Sign In
• or
• Sign Up

, artificial intelligence is unlikely to save the company, ******* said. He speculated demand would be poor for Tesla’s humanoid robots, given doubts over Elon Musk amid his chaotic revamp of

This is the hidden content, please

• Sign In
• or
• Sign Up

into X.

“The simplest way to do it is, go around to your neighbors and ask them, ‘How many of you would buy a humanoid ****** built by Elon Musk?’ And the answer is zero. Nobody wants a ****** from Elon Musk. Why? Who would trust it?” ******* said. “The last thing I need is some ****** built by Elon Musk in my house. I don’t know if they thought about the marketing of this at all yet.”

Musk’s leadership of Tesla has been under rising scrutiny from investors and

This is the hidden content, please

• Sign In
• or
• Sign Up

over the past few years. Most recently, US Senator Elizabeth Warren sent a letter to Tesla’s board of directors, calling on the executives to ensure Musk was meeting his financial responsibilities to Tesla shareholders.

Read the original article on

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

#Tesla #investor #Ross #******* #hes #dumping #stock #companys #cars #robots

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up