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Elon Musk’s “behaviour” is “hurting shareholders” as Tesla’s CEO is bogged down by a number of controversies and court cases.
The billionaire had his $55billion pay package voided by a Delaware court last week after a Tesla shareholder branded it an “overpayment.”
In recent months, Tesla stocks reached their lowest point in more than two years, with investors reportedly concerned that Musk is more focused on X, formerly Twitter.
Ross Gerber’s firm, Gerber Kawasaki Wealth and Investment Management had nearly 400,000 shares in Tesla as of December.
However, he has since reduced his investment in the company.
READ MORE: ‘A sinking ship’ – Elon Musk’s staff an ’emotional wreck’ after Twitter takeover
He told Yahoo Fiance: “The cost of Elon’s behavior is really hurting shareholders and it’s really unfortunate because the reason we’re holding the stock is the long-term potential of Tesla is immense.
“So, you know, it’s this catch-22.”
Colin Rusch of Oppenheimer Stock Analyst, also told the outlet that he wants to see Tesla’s technology develop.
He added: “The second thing we want to see is an evolution of the FSD [full self-driving] technology and real adoption.
“We still have a fluid environment around the regulatory backdrop. As we get clarity, I think we’ll have a better sense of how this technology performs and how they’ll be able to monetize it.”
After the significant ruling on Musk’s pay package from the court in Delaware, the Tesla boss announced that he is going to hold a vote on moving the company’s legal base to Texas.
Musk held a poll on X asking whether Tesla should make the move.
More than a million votes were cast, with 87 percent backing a move to Texas.
Musk then posted on X: “The public vote is unequivocally in favor of Texas! Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas.”
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