Tesla Inc investor Ross Gerber said on Friday he will end his run for the electric carmaker's board of directors, citing changes investors can expect to see next week.
Gerber, a Los Angeles investment manager, is a longtime Tesla bull who initially cast his run as that of a "friendly activist." While his wealth-management firm had only about 440,000 shares of Tesla he has received backing from larger shareholders online.
Tesla shares closed on Friday at less than half their peak price in 2021 as rivals have gained ground while Musk pursued his purchase of the Twitter social media platform. Tesla hasGerber said Telsa did not ask him to withdraw. "They don’t want to fight with me and I don’t want to fight them," Gerber said. "It just makes sense to do this and not have an adversarial situation," he said.
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