Tesla investor looking to rein in Elon Musk says he has support from 3rd-largest individual shareholder for a board seat
- Tesla activist investor Ross Gerber told Bloomberg he has support from Leo KoGuan for a board seat.
- KoGuan is Tesla's third-largest individual shareholder.
Tesla activist investor Ross Gerber said he has support from shareholder Leo KoGuan in a planned run for a board seat to rein in CEO Elon Musk.
Gerber first announced intentions of pursuing a board seat on Friday, asserting on a Twitter Spaces audio conference that Tesla needs to "grow up."
"I think it is crucially important to take criticism and this is something that I have realized over the years with Elon, you know, he's very thin skinned. "I've kind of had enough," he said. "Tesla needs to build its image around Tesla, and not just around Elon."
Gerber later told Bloomberg that KoGuan, Tesla's third-largest individual shareholder, pledged support behind Geber for the board seat.
KoGuan is an outspoken and self-proclaimed Musk "fanboy," but has also shown signs of souring on the famed chief executive in recent months and even suggested he wouldn't be opposed to a new chief executive at the firm.
KoGuan has also criticized Tesla's board for not doing more in performing oversight duties on Musk. He didn't immediately respond to a request for comment.
Outside of Tesla, Gerber serves as the chief executive of Gerber Kawasaki, an investment firm which he also cofounded. Gerber's stake in Tesla is roughly 440,000 shares, equating 0.01%, according to data compiled by Bloomberg.
Tesla investors began worrying last year, when the stock lost more than 60% of its value. But it has since rebounded to erase most of the decline. Shares of the electric car giant have added 54% so far this year.
Still, Gerber is pushing forward with his run for a Tesla board seat. He added that he has close ties with other notable Tesla investors, including Cathie Wood's Ark Invest and Baillie Gifford & Co., but didn't say if he has their backing for a board seat.