Elon Musk’s Antisemitic Era: Tesla Bulls Changing Tune, X Advertisers Pulling Out
In the current climate, Tesla (NASDAQ: TSLA) investors are facing several concerns. Vehicle sales are being buoyed by significant price reductions, the much-anticipated Cybertruck is expected to incur losses for a year, and there is a lack of clarity on the launch timeline for Tesla’s $25,000 entry-level car. Amidst these challenges, some investors are expressing unease about the absence of Tesla’s iconic CEO, Elon Musk, during trying times.
According to Ross Gerber, a vocal Tesla supporter and co-founder of GerberKawaski fund management, Musk seems conspicuously absent when the company needs leadership. Gerber criticizes Musk’s involvement in his personal project of owning the social media platform X, suggesting that it is adding to the woes of Tesla shareholders.
However, some of these posts have been taken down since.
Gerber stated on a CNBC interview, “None of his actions are for the benefit of Tesla at this moment; it’s all about Twitter. What he’s really doing is destroying everything he’s built, and that is the super frustrating thing as a shareholder.”
While Musk is expected to attend the Cybertruck delivery event on Nov. 30, an undisclosed health issue prevented him from participating in a crucial meeting with an official from Narendra Modi’s government to discuss a significant investment in India.
Adding to the concerns, Gerber expresses dissatisfaction with Musk’s political views, particularly his recent endorsement of an antisemitic post on X. Musk responded to a tweet making inflammatory claims about Jewish communities, stating, “the actual truth.” This has led to criticism from institutional investors like Gary Black, co-founder of the Future Fund, who wrote, “Elon Musk has to stop the anti-Semitic remarks before he damages the Tesla brand.”
Citron Research’s Andrew Left, who claims to be “a former Musk critic turned supporter and Tesla owner,” now says his perspective has shifted once again as Musk has now “abandoned truth and started promoting falsehoods about the Jewish community.”
“We need accountability, and I hope it comes soon. Take my car back; it is not as good as the BMW anyways,” he wrote.
Musk’s history of controversial statements includes his views on immigration and past involvement in anti-Semitic arguments. Despite the growing discontent among investors, Gerber believes Musk has already stepped aside as the CEO of Tesla. Gerber stated, “The truth is he already has stepped aside. He’s certainly not acting as the CEO of Tesla.”
Earlier this year, Gerber called out Tesla after its Q1 2023 production numbers came out, describing it as “a bit troubling.” Gerber pointed out that the carmaker “at some point might actually have to try to sell cars,” a reality he thinks the company has to face.
While Gerber does not plan to sell his Tesla stock, others are considering divesting due to Musk’s actions.
Which is the evil organization?
Musk faced swift criticism from tech executives, with at least one advertiser, IBM, withdrawing approximately $1 million in ad spending on the website for the remaining three months of the year. In a statement, IBM confirmed the reports, emphasizing that the company “has zero tolerance for hate speech and discrimination, and we have immediately suspended all advertising on X while we investigate this entirely unacceptable situation.”
As a response, Musk called Media Matters, the organization that pointed out IBM ads are placed among antisemitic posts, an “evil organization.”
On Friday, the White House joined in the condemnation, expressing concern that Musk had endorsed “antisemitic and racist hate,” actions that run counter to “our core values as Americans.”
The Walt Disney Company has decided to halt its spending on X, as disclosed by a source with direct knowledge, a development previously reported by The New York Times. Additionally, two other media giants, Paramount Global and Warner Bros. Discovery, conveyed through representatives late Friday that they, too, were suspending their advertising on X.
In a parallel move, Apple is refraining from advertising on X, as confirmed by a source familiar with the matter, according to CNBC.
Additional condemnation of Musk’s statements came from various tech executives. Facebook co-founder Dustin Moskovitz, in a post on Threads, called for Musk’s resignation, while Wavelength co-founder Marc Bodnick expressed that “Elon’s antisemitism is still shocking.”
Despite the backlash, Musk has previously refuted claims of antisemitism, asserting that he is “aspirational Jewish.” His discord has, at times, seemed directed toward the Anti-Defamation League (ADL), whom he threatened to sue after the nonprofit organization documented an increase in hate speech on X since Musk’s acquisition.
Addressing the situation on Thursday afternoon, X CEO Linda Yaccarino stated, “X has been extremely clear about our efforts to combat antisemitism and discrimination.” She unequivocally stated, “There’s no place for it anywhere in the world — it’s ugly and wrong. Full stop.”
Most recently, Musk addressed the issue ambiguously, clarifying his stance that “anyone advocating the genocide of any group will be suspended from this platform.”
Information for this briefing was found via Fortune, Business Insider, NBC News, and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
The timing of your article seems almost cosmic in nature and comes at such an opportune moment ,as it was for the first time today that I sent an X to Elon Musk today after using my account that has remained dormont for some time now and ever since Twitter in its former state and ownership threatened not only once ? But twice to ban my account for life. Personally I basically reiterated what was stated to this site when this site wrote a piece suggesting Elon Musk was going to extend the amount of text one could use in conversation to 4,000. If X the social media platform in its wisdom follows through in banning all hate regardless of being Jewish, Arab or Muslim and regardless of personal religous believes then I see Elon Musk as a person who takes the issue of free speech to heart and does not want to get sidelined with those who’s sole purpose is to disrupt an otherwise civil society and its desire for a more relaxing ,less disruptive way to communicate on a global scale. Who might wish to leave politics aside and not participate in conversation that does not better society as a whole why waste his time on something that does not better society when dealing with freespeecr in a positive way.
I don’t know if he has or has not ? Allowed for more text to the amount of 4,000 but I sent him a X with the intention of personally letting him know my opinion. He got the X I sent, hence the reason many believe it is a privilege to be able to communicate in such an instant way . The technology is fantastic but basically it is a way of sharing written input to the rest of the world on a global scale should they be lucky enough to have the means to be able.
But if I might back track to the fact that today was the first time not only to actually use this account under the new legal name X and its slogan “its what’s happening” I decide to pay for service {I have no problem with this } but it is not easy as my account as been dormant for well over a couple of years.
And it is my opinion based on the terms of agreement that X asks you to carefully read before accepting different forms of upgrades to premium account status that makes me believe that Elon Musk is in fact not anti semetic but trying to get a handle on how best implement a system that helps better overall conversation on that site.
I concur with Elon Musk when he asks those that they carefully read the Terms of agreement before participating . And because of this today is the first time in many years I sent out my first X although ironically to Elon Musk directly and on the subject of bettering freespeech on a global scale while trying to hold individuals to account .
Personally I find Twitter much better under X, so I joined.