Tesla Investor Ross Gerber Says No One Wants Musk’s Cars Or Robots

Tesla stock is in a "quagmire," the longtime investor Ross Gerber has said.

Gerber said he has dumped about half his stake in Elon Musk's carmaker. I Photo: Ross Gerber X

He added that he’d sold about $60 million in Tesla shares amid growing concerns over the carmaker and told Jennifer Sor of Business Insider, that no one seemed interested in buying Tesla's cars anymore.

Gerber said he has dumped about half his stake in Elon Musk's carmaker.

He told Yahoo Finance in a recent interview that his investment fund still had a $50 million stake in the company.

"Over time, I've just been sort of lowering my position because I just don't have the same confidence that they're going to achieve the goals that were set out for Tesla several years ago and even recently, which is really to sell more cars," Gerber said.

The investor also dismissed bullish talk on Tesla's robotics and full-self-driving tech. "That's just a distraction from the fact that they need to sell cars this year, and next year, and the year after, because none of this is coming anytime soon," he added.

Other Tesla investors have also grown skeptical and impatient over the car company's trajectory.

Tesla's stock is down 13% this year, largely because of declining sales, rising competition in China, and drama surrounding Musk's legal battles. Gerber said the used-car market was swarmed with old Teslas, adding that he'd been unable to offload his own Tesla at what he deemed a fair value.