The Swing county, located in Pennsylvania, has decided that he no longer buys a new Tesla shares, referring to the political activity of CEO Elon Musk and the falling stock of the company.
Lehighi County, located in the eastern part of Pennsylvania with a relatively wealthy population, often in swing county, is a county Pension Council monitoring $ 500 million assets. This is the first known US pension fund to stop buying a new Tesla shares.
“Elon Musk's choice to become a political character rather than a customer -centered leader has threatened the Tesla brand,” said Mark Pinsley, who initiated the first proposal to complete Tesla's investment, said in a joint statement with Tesla Takedown's organizers.
“Tesla's profits have decreased by 71% more than a year ago, their car revenue has fallen by 20% and profitability has taken sharp diving,” Pinsley added. “We owe our pensioners and taxpayers to look hard on whether these are smart investments.”
On Tuesday, the board not only voted for New-Tesla Investments brakes for 4-2 decisions, but has also prepared a report on the county investment manager, which outlines opportunities to abandon their passively managed funds.
Lehigh County Controller Bureau and Tesla did not immediately respond to commentary requests.
Pinsley and Lehigh County Pension Council are not the only ones concerned about pensions invested in Tesla.
In March, a group of 51 New York legislators invited the country to donate a billion dollars in Tesla Holdings. The top relay of the New York City City Comptroller competition has promised to select Tesla out of the city of $ 300 billion in pension portfolio.
Brad Lander, the current New York City Comptroller, has also been loud for his dissatisfaction Musk leadershipHowever, he stopped advising on the assignment in April in the last answer to his office. On December 31, 2024, the fifth treasury systems of the city had more than 3 million Tesla shares worth about $ 1.26 billion, but the number has decreased to $ 831 million by March 28, the Controller Bureau said.
In April, eight forms of state forms wrote a joint letter to the board of Tesla to express concern about the focus of Musk to Tesla, and the American Teachers' Federation presses larger asset managers – including Blackrock and Vanguard – consider assignment.
Further away from the US border, Dutch's largest pension fund in January in Tesla was loaded with its $ 600 million stake. The Academic Pension of the $ 20 billion pension fund in Denmark followed it in March. Recently, Canada's largest public sector union also called for national pension funds to reduce ties with Tesla, although the assignment still has to happen.
Tesla is facing a growing pressure on the management of the Musk company and its political activities.
The movement of Tesla removal, which appeared in the protest of Musk's participation in the White House Doge office, aims to develop further from demonstrations. The next goal of the movement is By helping cities and states to develop resolutions to give up “musk of all things”, according to a statement on April 22, after Tesla's profits.
Since May 6, Tesla's shares have fallen by more than 27% since the beginning of 2025, and the income of this quarter did not miss expectations. Musk has announced during the latest revenue that he will resign from his political activities in the White House.
Marketing experts have previously told B that Tesla has been alienated from its main customers base and that trademarking efforts may require important Musk concessions.
“To some extent, musk can say,” I'm not interested because I'm so rich and I have so many other units that I can afford a lot of money. “” Wharton School Marketing Professor David J. Reibstein told B earlier. “But for other shareholders who save the company, it's problematic.”
