Ross Gerber confirms he is no longer seeking a spot on Tesla’s board

Ross Gerber has announced he is no longer pursuing a spot on Tesla’s Board of Directors. Gerber confirmed his decision with a tweet on Friday afternoon, after a story was published by Bloomberg stating he was no longer running for a seat.

Although Gerber did not confirm his exact reasons, he noted in a Twitter response that part of the reason was he wanted to spend more time with his family. Tesla has agreed to meet with Gerber next week. The discussions will touch on brand governance, but no other details were provided.

When he announced his intention to seek a seat on the board, Gerber noted concerns about a lack of succession planning and examining compensation agreements.

Gerber, through his wealth management firm has a sizeable stake in Tesla. His firm owns around 440,000 shares or 0.01 per cent of the company. While Gerber also holds some Tesla shares privately, he did not confirm how many to Bloomberg.

Gerber was a long shot at best for the position, but his candidacy did bring up some legitimate concerns around the company.

Tesla nor Musk has provided a comment on the announcement.

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