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Fortune
Fortune
Amanda Gerut

In a first, a pension fund has voted to block new investments in Tesla: ‘Musk has destroyed the brand’

Tesla Inc. Elon Musk United States Donald Trump Twitter Inc.
Elon Musk speaks during the annual Conservative Political Action Conference (CPAC) at the Gaylord National Resort & Convention Center at National Harbor in Oxon Hill, Maryland, on February 20, 2025. (Credit: Photo by SAUL LOEB/AFP via Getty Images)
  • A U.S. pension fund has taken measures to pause new buying in Tesla stock because of the risks posed by the carmaker’s CEO Elon Musk and the lagging financial performance at the company. Lehigh County Controller Mark Pinsley said the fiduciary oversight duties of the pension board required them to clearly understand the risks of further investing retirees’ assets in the Tesla without more information. 

Pennsylvania’s Lehigh County Pension Board, which oversees retirement assets valued at about $593 million, voted this week to immediately stop new investments in Tesla in the county’s actively managed investment funds. 

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