Swedish insurer drops $160 mn Tesla stake over labour rights

Teachers’ Union Urges Public Pensions to Seek Tesla Stake Review

A national teachers’ union is urging public pensions to ask their money managers how they will safeguard retirement assets given the steep plunge in Tesla Inc. shares this year.

Swedish insurer drops $160 mn Tesla stake over labour rights

Swedish insurance company Folksam said Wednesday it had given up its $160 million stake in Tesla due to the electric carmaker's approach to labour rights.

The Swedish pension giant's decision. Has tried to influence Elon Musk via "ownership control".

Insurance giant Folksam is selling its entire holding in electric car company Tesla. Folksam has reportedly tried to influence Tesla without success, according to the company.

Folksam, which holds about $160 million in Tesla stock, said the US automaker’s approach to unionization represents “problematic” worker interests.

The Swedish insurer Folksam announces the divestiture of all its shares of the car manufacturer while the New York public pension funds bring legal action against the issuer.