Advocates presented a petition with more than 800 signatures to California’s largest public pension fund on Monday, calling for divestment from Tesla Inc. (Nasdaq: TSLA) due to concerns about CEO Elon Musk’s behavior and the company’s stock performance, according to a community post on Daily Kos.
Daily Kos user NateDoggg reported attending the CalPERS Board of Administration meeting where seven speakers addressed the board during public comments on June 16. Several speakers identified themselves as pension beneficiaries opposed to their retirement funds being invested in Tesla.
The petition, which had grown from 500 to 838 signatures by June 17, calls for both CalPERS and CalSTRS to divest from Tesla holdings, the author wrote.
“All of the speakers focused on Musk’s erratic and unethical behavior, and insisted that Tesla stock is now a bad investment,” NateDoggg reported, noting the group waited nearly six hours to address the board. “Several of the speakers were CalPERS beneficiaries, and did not want their pension to be involved with an anti-democratic and pro-Nazi figure like Elon Musk.”
According to the account, SEIU union representatives also raised concerns about potential conflicts of interest involving Antonio Gracias, CEO of Valor Equity Partners, which manages some CalPERS investments while Gracias serves in the federal Department of Government Efficiency.
CalPERS and CalSTRS combined hold more than $2 billion in Tesla stock as of March 31, 2025. The author reported that board members “seemed to listen intently” to the presentations, with two board members expressing support for the divestment effort in conversations outside the meeting.
The next CalPERS meeting is scheduled for July 14 at an undisclosed location. CalSTRS will meet on July 9 in the San Diego area.
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