Ross Gerber has never been one to mince words about Tesla Inc. (TSLA) CEO Elon Musk. And his latest comments perfectly capture the complicated relationship many investors have with the company these days.

"I'm not a fan of Elon," Gerber said during a recent appearance on the "Chasing Finance" podcast. "But I'm not going to deny the fact he builds great products."

It's the kind of honest assessment that's become Gerber's trademark. "He's built some big companies and he's succeeded," he added. "People are willing to pay a premium for this guy who works 24/7, who, you know, has built some great products."

Belief in Tesla, With Eyes Wide Open

Gerber, who leads Gerber Kawasaki Wealth and Investment Management, used to be among Tesla's most vocal supporters. But lately, he's been increasingly willing to call out the company's leadership and questionable decisions.

Back in November, he took aim at Tesla for spending money to advertise Musk's $1 trillion compensation package while the company was, in his words, "struggling to sell cars." The timing seemed particularly tone-deaf as shareholders prepared to vote on what would become a record-breaking pay plan.

Not everyone was on board with that plan either. Norway's sovereign wealth fund, Norges Bank Investment Management, holding a 1.12% stake in Tesla, opposed it over concerns about its sheer size, potential shareholder dilution, and Musk's already outsized influence over the company.

The Full Self-Driving Frustration

As a Tesla owner himself, Gerber shared some pointed frustrations about the company's autonomous driving technology. "I say this every goddamn day. I want to get in my car, push the button, and it drives me home safely," he said, clearly exasperated with Full Self-Driving's inconsistencies. "It learns it then it unlearns it and then it learned it again the other day."

It's the kind of real-world feedback that doesn't always make it into the bullish analyst reports.

But Credit Where It's Due

Still, Gerber isn't ready to write off Musk entirely. He shared a revealing anecdote about how Starlink saved him during an outage: "My internet goes down. I have a backup Starlink. It's pouring rain, internet's down, my cell phones don't work," he said. "Thank God for this backup Starlink."

And he understands why investors continue betting big on Musk's ventures. "There's a lot of people who have a belief that Elon's robots are the future," he explained. "And they're willing to invest at a massive premium based off Elon's ability to execute."

Gerber's relationship with Tesla remains decidedly complex. He's no longer Musk's loudest cheerleader, but he hasn't walked away from his investment either. For him, it always circles back to the fundamentals: products, execution, and value. It's a nuanced position in a world that often demands you pick a side and stick to it.