A county pension fund in Pennsylvania just became the first known to cease purchasing new Tesla stocks [Business Insider]
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Source: Business Insider
Global pension funds, including some in the Netherlands and Denmark, are divesting from Tesla. A swing county in Pennsylvania has decided that it will no longer purchase new Tesla stock, citing CEO Elon Musk 's political activities and the company's declining shares. Lehigh County, located toward the east of Pennsylvania with a relatively affluent population that is often a swing county, has a county pension board that oversees $500 million in assets. It is the first known US pension fund to stop purchasing new Tesla stock. "Elon Musk's choice to become a political figure rather than a customer-focused leader has compromised the Tesla brand," Mark Pinsley, the Lehigh County controller who first introduced a motion to cease Tesla investments, said in a joint statement with organizers of Tesla Takedown "Tesla's earnings are down 71% from a year ago, their auto revenues have dropped 20%, and profitability has taken a sharp dive," Pinsley added. "We owe it to our retirees and tax
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