Monitoring Desk
ISLAMABAD/BOSTON: Tesla Inc investor Ross Gerber said that he would end his run for the electric carmaker’s board of directors, citing changes investors can expect to see next week.
Gerber said he decided to withdraw after Martin Viecha, Tesla’s investor relations chief, told him the company had taken steps along the lines Gerber sought when he announced his board runs on February 10.
Tesla introduce more executives
Gerber said that, among other things, Tesla would introduce more executives than usual at a March 1 investor day at its Austin, Texas headquarters to show its managerial talent runs beyond CEO Elon Musk.
Gerber said that Tesla would create more Twitter and promotional content, which could move the brand away from its close identification with Musk. “That’s what I am talking about, them having their voice separate from Elon,”.
Gerber, a Los Angeles investment manager, is a longtime Tesla bull who initially cast his run as that of a “friendly activist.” While his wealth-management firm had only about 440,000 shares of Tesla, he has received backing from more significant shareholders online.
Tesla shares closed at less than half their peak price in 2021 as rivals gained ground while Musk pursued his purchase of the Twitter social media platform. Tesla has promised investors a look at “our most advanced production line” on March 1.
Gerber said Telsa didn’t ask him to withdraw. “They do not want to fight with me, and I don’t want to fight them,” Gerber said. “It just makes sense to do this and not have an adversarial situation,” he said.
Tesla representatives didn’t respond to questions. Gerber’s decision was first reported by Bloomberg News, citing a person familiar with the matter.
