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- Ross Gerber, an activist investor, said that Elon Musk's increasing role at Tesla is responsible for the massive rally in Tesla's share price.
- Gerber said to Yahoo Finance, "We have just seen how Elon’s focus can make such a difference."
- Tesla shares have risen by more than half since Musk announced that he would replace the Twitter CEO.
Elon Musk, Tesla's CEO, deserves the most credit for the stock price's spectacular rally in the last month. An activist investor said this on Thursday.
Ross Gerber, who ran briefly for a seat on the board of the EV manufacturer in February with the promise to rein in the world’s richest person, told Yahoo Finance Musk had responded to his concerns by shifting Musk's focus from Twitter to Tesla.
Gerber stated that he did not want to see any changes in Tesla's leadership. He wanted to see a change in Twitter management.
Elon has been so focused on Tesla for the past 30 days, he said. "We have seen the difference that Elon makes," he continued.
Musk announced on May 12 that Linda Yaccarino will replace him as CEO.
Since then, he has embarked on a high profile tour of China. He also signed deals that will allow Ford and GM to use the vast network of superchargers.
Musk's renewed attention on Tesla coincided with the stock of Tesla launching a rapid rally.
Since Yaccarino's announcement as Musk's successor, shares are up by 52%. This has added around $300 billion to the total market cap of the company.
Gerber stated that "the stock market has responded and institutional investors are back in the stock and now we are back to the valuation of Tesla."
Read More: While Elon Musk's fans may believe he is indestructible, Tesla must find a replacement in case of his illness. An activist investor in Tesla says
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By: gglover@insider.com (George Glover)
Title: Tesla stock’s dazzling rally is thanks to CEO Elon Musk’s renewed focus on the EV maker, activist investor says
Sourced From: markets.businessinsider.com/news/stocks/tesla-stock-price-elon-musk-twitter-linda-yaccarino-ross-gerber-2023-6
Published Date: Fri, 16 Jun 2023 12:03:11 +0000
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