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Investing.com -- Danish pension fund AkademikerPension has announced its decision to blacklist Tesla (NASDAQ:TSLA) Inc., due to concerns over the company’s record on workers’ rights and perceived risks associated with the actions of CEO Elon Musk.
Jens Munch Holst, AkademikerPension’s Chief Executive Officer, expressed on Friday that their patience towards Tesla has run its course. The fund has now reached a point where it feels necessary to take action against the electric car manufacturer.
AkademikerPension, which manages more than $20 billion in assets, plans to sell the remaining 200 Tesla shares it currently holds. The company will also be placed on the fund’s exclusion list. This action prevents AkademikerPension and its external managers from purchasing any further shares in Tesla.
At its height, AkademikerPension’s stake in Tesla was valued at 300 million kroner (approximately $45 million), according to a spokesperson for the fund. The decision to blacklist Tesla marks a significant shift in the fund’s investment strategy, reflecting growing concerns over the tech giant’s labor practices and leadership.
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