CalPERS, controlled by Newsom and the Democrats hate Elon Musk. The richest man on Earth, founded of numerous, successful multibillion businesses. Why? He believes in the Constitution, free speech and limited government. He is one of the best investments in the market. But, CALPERS, a government pension plan is about politics, not the fiduciary needs of retirees.
| “On Wednesday, LatinoJustice and the National Institute for Workers’ Rights sent a letter to State Controller Malia Cohen pushing for the California Public Employees’ Retirement System to get rid of its Tesla holdings, arguing that the company’s values are “misaligned,” and that Musk’s claims that promoting diversity is as morally wrong as racism is “indefensible.” Cohen is a board member of CalPERS, which had $530 billion in assets as of Tuesday. |
| The letter: “In the face of continued occupational segregation and wage disparities by race, national origin, and gender, DEI efforts are an economic and social imperative. California’s public sector workforce is incredibly diverse, with 60% of civil service employees in the state being non-white.” |
| The letter also cited Tesla’s $3.2 million March settlement to a Black former employee who accused the company of racial discrimination as an example of its “troubling values.” The settlement came a month after Tesla dropped prior language from its regulatory filings that supported employee resource groups and fostering diversity.” |
Lawsuits? Who cares? Eveerybody gets sued and sometimes it is easily to settle or not fight it, certainly in most cases it is best to end a lawsuit than fight it.
These are the same type of people that want to divest Israeli firms. If hate decides investments—under the Democrats pensioners need to worry about their future.
| Why CalPERS is being pushed to divest from Tesla |
Lynn La, WhatMatters, 10/17/24 https://calmatters.org/newsletter/elon-musk-calpers-tesla-divestment/
| Elon Musk, the tech mogul who runs Tesla, said in December that diversity, equity and inclusion efforts “must die.” Now, two civil rights groups are calling for the nation’s largest public pension fund to divest from the electric vehicle maker. On Wednesday, LatinoJustice and the National Institute for Workers’ Rights sent a letter to State Controller Malia Cohen pushing for the California Public Employees’ Retirement System to get rid of its Tesla holdings, arguing that the company’s values are “misaligned,” and that Musk’s claims that promoting diversity is as morally wrong as racism is “indefensible.” Cohen is a board member of CalPERS, which had $530 billion in assets as of Tuesday. The letter: “In the face of continued occupational segregation and wage disparities by race, national origin, and gender, DEI efforts are an economic and social imperative. California’s public sector workforce is incredibly diverse, with 60% of civil service employees in the state being non-white.” The letter also cited Tesla’s $3.2 million March settlement to a Black former employee who accused the company of racial discrimination as an example of its “troubling values.” The settlement came a month after Tesla dropped prior language from its regulatory filings that supported employee resource groups and fostering diversity. A spokesperson said CalPERS is reviewing the letter. The emailed statement: “These are serious issues. … CalPERS believes that the employees of every company in which we invest have the right to a safe and healthy work environment, one in which their fundamental human rights are respected.” In June CalPERS voted against a $46 billion compensation package that Tesla ultimately rewarded Musk, calling it “exorbitant,” while agreeing that Musk “is entitled to be well compensated for his work.” But pushing for the pension fund to divest is a tall ask: CalPERS is one of Tesla’s top shareholders. It owned nearly 9.2 million Tesla shares as of June, which would be worth more than $2 billion, based on Wednesday’s stock price. Other campaigns for divestment have also failed. After calls from climate activists, labor unions and other advocacy groups, the state Legislature considered a bill that would have directed CalPERS and the California State Teachers’ Retirement System (the second largest public pension fund in the U.S.) to divest from fossil fuel companies. CalPERS successfully opposed the measure, arguing that divesting would do little to reduce greenhouse emissions and that fossil fuel companies can simply replace CalPERS with new investors. But CalPERS has divested from companies in Sudan for the country’s role in the Darfur genocide and in Iran for sponsoring terrorism. It also sold off some of its holdings in the coal and tobacco industries, as well as the gun industry after the Sandy Hook Elementary School mass shooting. |
