Tesla investor Ross Gerber criticized Elon Musk on Thursday after Musk expressed agreement with a social media post that was widely condemned for being antisemitic.
Musk responded to an X user who said that Jewish communities were prejudiced against white people. Musk’s response was “You have said the actual truth.”
Gerber condemned Musk’s remarks and stated that he will switch from his Tesla Model Y to a Rivian vehicle next year. Gerber predicted that many others in Los Angeles will do the same.
Gerber is an investment manager who owns Gerber Kawasaki Wealth and Investment Management. Musk’s post triggered backlash from Gerber’s clients, many of whom are demanding that he divest from Tesla.
In spite of his commitment to only buy Rivian cars from now on, Gerber will not sell any of his personal Tesla stock. Gerber currently owns over 400,000 shares of the company.
The social media post is having a major negative effect on Tesla’s reputation. APEC recently dropped Musk from the speaker list of its upcoming CEO conference. However, according to Autoblog, Musk remains scheduled to speak at The New York Times‘s Dealbook Summit later in November.
Many financial analysts have been concerned that Tesla’s brand is too closely tied to Elon Musk. Earlier this month, HSBC predicted that Tesla’s share price will fall to $146, a 38% drop from current levels. Musk’s controversial political commentary was one of the reasons HSBC cited for its pessimism.
A US survey from late 2022 found that Tesla’s net approval fell by six percentage points in the month following Musk’s purchase of Twitter (which has since been rebranded as X). Among Democrats, Tesla’s approval rating fell by 20 percentage points in one month.