No one wants Tesla's cars or robots, is it true? Here's what a top company investor says

For the past few years, lawmakers and investors have been increasingly critical of Musk's leadership of Tesla. A longtime investor of Tesla has sold off nearly half of his investment in Elon Musk's automaker. According to shareholder Ross Gerber, this is because no one appears to be interested in purchasing Tesla vehicles or robots.

Since Musk's Tesla CEO acquired Twitter in 2022, Gerber has been a vocal critic of the company. Gerber recently revealed that he had sold roughly 60 million worth of Tesla shares. In a recent interview with Yahoo Finance, he disclosed that his investment fund retained a $50 million stake in the business.

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Gerber dismissed the optimistic and sanguine talk about Tesla's robotics and fully autonomous driving technology and jibed at them, saying that they're not going to achieve the goals that were set out for Tesla several years ago and even recently, which are really to sell more cars. That's just a distraction from the fact that they need to sell cars this year, next year, and the year after because none of this is coming anytime soon, as quoted in a report by Business Insider.

The trajectory of the automaker has also caused other Tesla investors to become cynical and irritated. This year, Tesla's stock has dropped 13%, mostly as a result of falling sales, increased competition in China, and the drama surrounding Musk's legal disputes. Old Teslas were flooding the used-car market, according to Gerber, who also said he had trouble selling his own Tesla for what he thought was a fair price. Gerber acknowledged that it's really a quagmire where you have the best products in an industry but a CEO who doesn't work there, who doesn't try to sell the cars.

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Critics scrutinize Tesla’s CEO Elon Musk for the recent frantic transformation of Twitter into X, and others say that there would be a minimal market for humanoid robots. Gerber notes that reliance on AI will not be sufficient to save the company, and its leadership is uncertain.

FAQs

Why did a longtime investor sell a sizable chunk of his Tesla stock?
Ross Gerber, a longtime investor, sold roughly $60 million worth of Tesla stock since he no longer believed the business could reach its sales targets.

What worries does Ross Gerber have regarding the future of Tesla?
Gerber is worried that Tesla's primary business of selling cars is being overshadowed by its focus on robotics and artificial intelligence.