Tesla investor Ross Gerber calls for Elon Musk to step down as CEO amid major boycott threats

NEW YORK CITY, NEW YORK: Tesla investor Ross Gerber called for Elon Musk to step down as the company's CEO as the company faces major boycott threats following controversial actions and statements by the multi-billionaire.

The big-shot investor also stated that Tesla was "absolutely in crisis" due to Musk's actions, as per The Daily Beast.

Tesla investor Ross Gerber believes Elon Musk should either focus on Tesla or step down as CEO

During an interview on Sky News' 'Business Live', Ross Gerber told host Darren McCaffrey, "I think Tesla needs a new CEO and I decided today I was going to start saying it and so this is the first show that I’m saying it on."

He added, "It’s time for somebody to run Tesla" and noted that Musk is juggling too many responsibilities, including his work at X (formerly Twitter) and his involvement in President Donald Trump's administration, per the outlet.

Gerber said, "There are too many important things Tesla is doing, so either Elon should come back to Tesla and be the CEO of Tesla and give up his other jobs, or he should focus on the government and keep doing what he is doing but find a suitable CEO of Tesla."

He added that Tesla was "absolutely" in crisis after Musk's controversial actions, listing out the company’s achievements in the electric vehicle (EV) space and how Musk has since worked overtime to destroy it.

The Tesla investor mentioned, "The company’s reputation has just been destroyed by Elon Musk. Sales are plummeting, so yeah, it’s a crisis. You literally can’t sell the best product in the marketplace because the CEO is so divisive."

Gerber, who has been involved with the EV giant for more than a decade, revealed that he has been selling his shares since last year as "the way people view your brand is really, really crucial to part of the purchasing process that humans use."

"We really identify with the cars we drive, especially in the United States, and so when your brand gets tarnished like this—it’s real bad," he claimed. 

Gerber further said that he started to become "concerned" as an investor when Musk first bought Twitter (currently X) in 2022 and didn’t know it "could go this far."

Tesla's shares have plummeted 53 percent from a record high reached in mid-December 2024, as reported by Business Insider.

The company has faced severe backlash and boycott threats as Musk, who leads the Department of Government Efficiency (DOGE), continues to promote controversial political views and government policies. 

Elon Musk complains of 'hate' as Tesla stock slumps

Elon Musk took to X on Monday, March 17, to complain about the dropping share value of Tesla.

He wrote, "My companies make great products that people love and I’ve never physically hurt anyone. So why the hate and violence against me?"

"Because I am a deadly threat to the woke mind parasite and the humans it controls," Musk argued. 

He made the post in reply to X user Insurrection Barbie's post, which read, "The left cannot name one thing they hate Elon Musk for. They cannot name one thing he has taken away from them. Or one thing he has done to earn their insane ire. History will study this deranged cult like behavior."

Notably, Musk has lost over $100 billion of his net worth this year as Tesla stock continues to plunge, according to Raw Story. His net worth currently stands at $328.5 billion, according to Forbes.