Tesla (NASDAQ: TSLA) is under scrutiny as Lehigh County, Pennsylvania’s pension board becomes the first known U.S. pension fund to halt new investments in the company. The board, overseeing $500 million in assets, voted 4-2 to cease purchasing Tesla stock, citing CEO Elon Musk’s political involvement and the company’s declining performance. The decision follows a 71% drop in Tesla’s earnings and a 20% decrease in automotive revenue. The board has also directed its investment manager to explore options for divesting existing passive holdings. This move aligns with broader national and international pressures, including calls from New York legislators and labor unions for divestment, as well as similar actions by major pension funds in the Netherlands and Denmark.
As of the latest trading session, Tesla’s stock is trading at $354.11, reflecting a slight decrease of $1.73 (0.49%) from the previous close.
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