Investor Ross Gerber said on Thursday that he missed the early 2020s era of Tesla Inc. (NASDAQ:TSLA) as the Elon Musk-led EV giant continues to pivot away from traditional automobiles.
The Good Old Days Ended in 2022, Gerber Said
In a post on the social media platform X, Gerber quoted a post he made in the year 2020, sharing a clip of the investor’s TV appearances when he was bullish about the EV giant.
“Remember the good old days at tesla,” Gerber said, quoting his post. “It ended 5 years ago when Elon started selling his tesla stock to buy Twitter in 2022,” he said in the post.
Musk sold roughly $8.5 billion in Tesla shares in April 2022, although the filings did not disclose the purpose of those sales. In August, he sold another $6.9 billion in shares, saying the proceeds could be used to finance the Twitter acquisition if the deal was forced to close and equity partners failed to come through.
The investor also shared an image in a separate post which showcased a Tesla Cyberquad concept, which is an electric all-terrain vehicle concept that Tesla released in 2019. Notably, Tesla sells the Cyberquad as a ride-on toy for kids, retailing for $1,650.
The picture also showed the Roadster concept, as well as the Tesla Semi Truck. “Tesla circa 2020,” the Gerber Kawasaki Wealth Management co-founder said in the post.
Elon Musk’s Twitter Buyout, Ross Gerber’s Shift in Stance
Musk, in 2022, offered to buy Twitter, now X, for $44 billion after he had become the largest shareholder in the company with an ownership stake of over 9%. Musk had initially declined to buy the company after submitting an offer, but followed through with the offer after Twitter sued Musk in the Delaware Court of Chancery.
Gerber, too, has since become a vocal critic of Tesla and CEO Musk, disagreeing with the company’s current direction on multiple occasions.
In a conversation with Benzinga earlier this year, the investor lamented several executive decisions by the company, including the pivot to Robots, the sunsetting of the premium models, the aging lineup of vehicles and more. Gerber also said that Musk’s right-wing political pivot has affected Tesla’s brand value and sales.
TSLA Declines 10% Amid GOP Midterm Setback
TSLA shares were up 0.77% to $346.35 during overnight trading on Thursday after the stock declined 10.77% to $343.69 at market close.
The decline comes as the GOP suffered major setbacks in the midterm elections, while the Democrats flipped Texas, casting doubts over the future of Musk’s AI goals.
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