'He Can't Even Tell He's An Idiot:' Elon Musk Furious As Ross Gerber Accuses Tesla CEO's 'Toxic' Behavior For 'Crappy' Q1 Sales And Demands Board Overhaul (UPDATED)
Portfolio Pulse from Shanthi Rexaline
Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, criticized Tesla, Inc. (TSLA) CEO Elon Musk for the company's poor Q1 sales, attributing it to Musk's behavior. Gerber's firm holds 3,000 Tesla shares in its AdvisorShares Gerber Kawasaki ETF (GK), which has a 2.37% portfolio weighting in Tesla. Gerber has become bearish on Tesla, predicting analysts will lower EPS estimates for 2024 and 2025. He called for a new sales strategy and a shakeup of Tesla's board, criticizing its lack of independence and failure to address Musk's behavior. Tesla's stock fell 4.90% to $166.63.
April 03, 2024 | 6:35 am
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NEGATIVE IMPACT
AdvisorShares Gerber Kawasaki ETF, holding 3,000 Tesla shares with a 2.37% portfolio weighting, could be impacted by Tesla's Q1 performance and the bearish outlook from its manager, Ross Gerber.
Given the ETF's significant holding in Tesla and the negative outlook expressed by its manager, GK could see short-term negative sentiment among investors, potentially impacting its performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
NEGATIVE IMPACT
Tesla's Q1 sales were criticized by Ross Gerber, attributing the poor performance to CEO Elon Musk's behavior. Gerber predicts a downward rerating of Tesla's EPS estimates for 2024 and 2025 and calls for a board shakeup.
Gerber's criticism and the call for a board shakeup, combined with the prediction of lower EPS estimates, could negatively impact investor sentiment and Tesla's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100