Sweden's pension fund sells all Tesla shares and blacklists company
Sweden's largest national pension fund, AP7, said it had blacklisted Elon Musk's Tesla and sold all of its shares in the American electric car maker, Reuters reports.
"AP7 has decided to blacklist Tesla due to confirmed labor rights violations in the United States," the Swedish Pension Fund said in a statement.
The fund added that it had been in dialogue with the company for several years and had submitted equity proposals together with other investors. But Tesla had not taken sufficient steps to remedy the situation.
According to an AP7 representative, Tesla shares were sold at the end of May, and at that time their value was about 13 billion Swedish kronor (approximately $1.36 billion).
The share of Tesla shares was about 1% of the AP7 fund's investment portfolio.
The fund's total assets at the end of May amounted to 1,181 billion kroons (over $123 billion).
Last year, Europe's largest pension fund, ABP from the Netherlands, sold all of its Tesla shares worth 571 million euros ($585 million).
Part of the reason was a disagreement with Elon Musk's compensation package as the company's CEO.
According to the Dutch newspaper Het Financieele Dagblad, poor working conditions at Tesla were also a factor.
- On June 6, it became known that due to a quarrel with Musk, US President Donald Trump is considering giving away or selling a red Tesla, which he once purchased as a sign of support for the businessman.