Tesla Inc. (NASDAQ:TSLA) investor Ross Gerber shared footage of protesters outside a Tesla store in Santa Monica, highlighting growing public backlash against the electric vehicle maker amid CEO Elon Musk‘s political activities.
What Happened: “Guess the Tesla takeover was in Santa Monica today. My wife ran into this peaceful display of distaste for Elon Musk in front of the Tesla store,” Gerber wrote Sunday on X. The video concludes with the voice of his 9-year-old child saying, “I’m glad we don’t have a Tesla.”
Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, has grown increasingly critical of Tesla despite his long-standing investment in the company. In a recent interview, he stated Tesla shares remain overvalued even after plunging nearly 50% since mid-December.
“There’s this game that is happening now where the fundamental story has to be revalued,” Gerber said, noting Tesla’s forward price-to-earnings ratio of 65 remains more than triple the S&P 500 average.
Why It Matters: The protests come amid escalating tensions surrounding Musk’s dual role as Tesla CEO and leader of the Department of Government Efficiency in President Donald Trump‘s administration. Demonstrations have occurred at Tesla showrooms across the U.S., with Rep. Marjorie Taylor Greene (R-Ga.) recently calling for an FBI investigation into what she termed “organized attacks” on Tesla facilities.
Gerber previously indicated he would “eventually” sell his Cybertruck, writing in February that “the hate is real” after spotting a vandalized vehicle. Public figures like singer Sheryl Crow have publicly documented selling their Teslas over political disagreements with Musk.
Tesla’s challenges extend internationally, with German sales reportedly dropping 60% year-over-year in January following Musk’s support for far-right political groups. JPMorgan Chase analysts warned Wednesday that Tesla “lost too much brand value too quickly” and could face its lowest quarterly deliveries since 2022.
The company reported its first-ever annual sales decline in 2024, though Musk pledged Tuesday that Tesla would double its U.S. vehicle production over the next two years.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
