Ross Gerber, the CEO of Gerber Kawasaki Wealth and Investment Management, expressed his gratitude for Tesla Inc. (NASDAQ:TSLA) as an investment, just as shareholders are set to vote on CEO Elon Musk's $56 billion pay package.
What Happened: Gerber, in an interview with CNBC's Last Call, stated, "I'm super grateful for Tesla as an investment." He added, "For me, it's not whether he deserves it or not. It's whether this board of directors can have any credibility."
"I'm super grateful for Tesla as an investment," says @GerberKawasaki as $TSLA shareholders prepare to vote whether to reinstate @elonmusk's $56B pay package. "For me, it's not whether he deserves it or not. It's whether this board of directors can have any credibility." pic.twitter.com/47JxiCBG5u
— Last Call (@LastCallCNBC) April 17, 2024
The shareholders are set to vote on the reinstatement of Musk's $56 billion pay package. This comes after the board invalidated Musk's previous $47 billion pay package, leading to a re-vote. The new vote is set to take place on May 7.
On Feb. 13, Ross Gerber's investment firm, Gerber Kawasaki Wealth & Investment Management, reported owning 377,918 shares of Tesla, which is a 5.09% decrease from their previous ownership, according to Fintel.
Why It Matters: The shareholders' vote on Musk's pay package is a significant event for Tesla, especially considering the recent challenges the company has faced. The outcome of this vote could have a substantial impact on the company's future and Musk's position within it.
Gerber's statement comes in the wake of his recent criticism of Musk's management style, particularly in light of the Cybertruck delivery delays. He has also been vocal about the impact of Musk's behavior on Tesla's Q1 sales. Despite these concerns, Gerber's recent statement reflects his appreciation for the returns generated by Tesla as an investment.
Despite the recent criticisms, Gerber's gratitude for Tesla's returns highlights the company's continued financial success, which could influence the shareholders' decision on Musk's pay package.
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