Danish pension fund AkademikerPension said on Friday (March 14) via US media that they are going to blacklist US electric car maker Tesla.
"Patience always runs out at some point, and in the case of Tesla, we have now reached that point," AkademikerPension CEO Jens Munch Holst said Friday.
Jens Munch Holst pointed to three factors in the fund's decision to liquidate its position in Tesla, including Tesla's years-long efforts to resist labor rights, corporate governance issues, and Musk's "involvement in US and European politics" and "dissemination of misinformation". "In short, we believe that Elon Musk is destroying Tesla's brand and value," he said.
Bloomberg quoted an emailed statement saying that AkademikerPension, which manages more than US$20 billion in assets, is selling the remaining 200 shares of Tesla stock it still owns and has placed the company on an exclusion list, meaning that neither AkademikerPension nor its outside managers will be able to buy Tesla stock.
AkademikerPension's Tesla stake was worth US$45 million at its peak, a fund spokesman said.
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