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Raw Story: 'Huge damage': Irked investor doubts 'despised' Elon Musk can fix free-falling Tesla
Raw Story - 'Huge damage': Irked investor doubts 'despised' Elon Musk can fix free-falling Tesla
Jennifer Bowers Bahney
April 23, 2025 3:43PM ET
A Tesla investor and wealth manager expressed skepticism over claims that Elon Musk's promise to spend less time in Washington will bolster his Tesla electric vehicle brand and encourage sales.
After Musk got involved with President Donald Trump and took charge of the Department of Government Efficiency, Tesla vehicles and Cybertrucks became targeted symbols for his slash-and-burn tactics. Tesla dealerships have faced vandalism and even been set ablaze, as Tesla's stock plunged. The company reported a whopping 71% nosedive in net income yesterday due to falling sales.
According to The New York Times, just hours after Tesla said first-quarter earnings were at $409 million, down from $1.4 billion last year, Musk said on an investor call that he planned to spend less time in Washington.
Ross Gerber, with Gerber Kawasaki Wealth Management, told CNN on Wednesday that he found the notion that Musk is "coming back to Tesla" to be "somewhat overblown," because Musk's true focus is on artificial intelligence.
"People forget that he's raising money for xAI...a huge amount of money," Gerber said. "So, I don't necessarily think refocusing on Tesla is his main goal. It's one of the things he will do along with building AI, so, I still think the same problems persist, irrelevant of where he spends his time."
/snip
Jennifer Bowers Bahney
April 23, 2025 3:43PM ET
A Tesla investor and wealth manager expressed skepticism over claims that Elon Musk's promise to spend less time in Washington will bolster his Tesla electric vehicle brand and encourage sales.
After Musk got involved with President Donald Trump and took charge of the Department of Government Efficiency, Tesla vehicles and Cybertrucks became targeted symbols for his slash-and-burn tactics. Tesla dealerships have faced vandalism and even been set ablaze, as Tesla's stock plunged. The company reported a whopping 71% nosedive in net income yesterday due to falling sales.
According to The New York Times, just hours after Tesla said first-quarter earnings were at $409 million, down from $1.4 billion last year, Musk said on an investor call that he planned to spend less time in Washington.
Ross Gerber, with Gerber Kawasaki Wealth Management, told CNN on Wednesday that he found the notion that Musk is "coming back to Tesla" to be "somewhat overblown," because Musk's true focus is on artificial intelligence.
"People forget that he's raising money for xAI...a huge amount of money," Gerber said. "So, I don't necessarily think refocusing on Tesla is his main goal. It's one of the things he will do along with building AI, so, I still think the same problems persist, irrelevant of where he spends his time."
/snip