Tesla shareholders, including the Public Employees Retirement System (PERS) fund, have seen the stock value drop significantly, with Tesla stock plummeting from $480 a share to just under $300. The PERS fund holds $135.3 million in Tesla stocks, representing 0.7% of the total fund. This drop in value has sparked anger among local activists, who are calling for the liquidation of the position due to Elon Musk’s perceived influence with President Trump and his actions towards federal workforce.
Activists have been holding weekly rallies outside a Tesla dealership in Portland, with a recent shooting incident damaging several electric cars at a Salem Tesla dealership. Previous divestment campaigns targeting coal and fossil fuels have been directed at the public retirement fund in Oregon, but treasury officials argue that the fund’s investment strategy is primarily passive, aiming to maximize returns in the best financial interest of beneficiaries.
State treasury spokesperson Eric Engelson emphasized the fund’s global diversification and exposure to various publicly traded companies, stating that they are obligated by state law to act in the best financial interest of beneficiaries. Despite the challenges faced by Tesla shareholders, the fund remains committed to its investment strategy. For more breaking news and court updates, contact Zane Sparling at 503-319-7083 or zsparling@oregonian.com.
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