Monday, March 17, 2025

Danish company blacklists Tesla – sells all its shares

The Danish pension fund AkademikerPension is now blacklisting Tesla and selling off all its shares in the car manufacturer. The explanation is Elon Musk.

The Danish pension fund AkademikerPension has sold all of its shares in Tesla after blacklisting the American car brand.

The decision is justified by a number of factors regarding Elon Musk's actions as CEO of Tesla.

The pension fund highlights three primary reasons for the sale: Elon Musk's political statements, unclear corporate governance, and lack of respect for employees' right to organize in unions.

– Our patience has run out, says Jens Munch Holst, spokesman for AkademikerPension, to Bloomberg .

– In short, it is our view that Elon Musk is destroying Tesla's brand and value, he adds.

Selling almost half a billion kroner worth of Tesla shares

AkademikerPension, one of Denmark's largest pension funds with over 150 billion Danish kroner under management, has previously had Tesla as a significant part of its stock portfolio.

At its peak, the pension fund owned Tesla shares worth half a billion kroner. Now the last holding has been sold.

The decision from AkademikerPension comes at the same time that Tesla has experienced a significant drop in its share price.

Since the stock's peak, its market value has fallen by almost 50 percent, equivalent to a loss of about $8 trillion.

This has created uncertainty about Tesla's future development. It is still too early to say whether AkademikerPension's sale of Tesla shares will cause similar pension funds to follow suit.

But the development at Tesla is causing frowns elsewhere. Among other things, just across the Øresund at the Swedish Seventh National Pension Fund (AP7).

– This is a worrying development we are seeing around Tesla. We are currently analyzing what the next step in our ownership management will be.

– And it cannot be ruled out that the Seventh AP Fund will blacklist the company if other measures have no effect, says Mikael Lindh Hök, press manager at the Seventh AP Fund.

Tesla has also been in a labor dispute with the union IF Metall for more than a year now. The dispute has gained the union support from other Swedish and Danish unions,

However, the LO organization is more ambivalent about whether it is a good idea to sell all Tesla shares.

– The AP funds have a joint ethics council that works on how ownership can be used to pressure companies to function better.

– In short, we can say that we trust the Council to do its job, but we are of course following developments.

The more time that passes in the conflict, the less appropriate it becomes to have ownership, says Jens Lundberg, press manager at LO.

It is unknown how much money AkademikerPension has lost on the sale of Tesla shares. But they are not alone in collecting massive losses if that were the case. Read more about it here .

Latest

Don't miss

Lamborghini's first electric car will have 2,000 horsepower

It's been delayed, but when it lands, the Lamborghini...

Mysterious: Tesla complains about Donald Trump and Elon Musk's policies

American electric car manufacturer Tesla is expressing concern that...

England reverses ban on hybrid cars from 2030

They were supposed to be banned in just five...

Crazy sight rule emits 33 tons of CO2 per year

Every year, two million cars are inspected in Denmark....

Polestar 2 drops 131,000 kroner in price in Denmark

The Polestar 2 is dropping in price by a...
Boosted Magazine
Boosted Magazine
Boosted in Denmark has over a million unique users, surpassing two million sessions, and accumulating over seven million page views each month, and our platforms has become a hub for automotive enthusiasts. Now you can enjoy our content in English too! Enjoy our free car news - every day. Want to talk to us? Write an email to boosted@boostedmagazine.com
spot_img

"Wolf of Wall Street" buys Tesla: Pays tribute to Elon Musk as an American hero

Former stockbroker Jordan Belfort, known as "The Wolf of Wall Street," has thrown his support behind Elon Musk and Tesla. In a social media...

7 out of 10 people in electric cars have a guilty conscience

7 out of 10 people who choose electric cars do so primarily for environmental reasons, shows a new survey from the Norwegian response to...

Car company earns millions in Denmark after 2 years

The Danish branch of the Norwegian car-sharing company Hyre, according to them, is already earning millions of kroner after just two years on the...

Tesla in Germany: We are running at full capacity

"We build cars, not political positions," says the head of Tesla in Germany. The brand's stock of cars is reportedly at a record low....

Mechanic warns of unknown Tesla fault – "It's serious"

Tesla's cars are no worse today than they were yesterday. But the brand is covering up serious flaws in the cars, says mechanic Fredrik...

New Formula 1 team already owes 3 billion kroner

Cadillac, which has finally been approved as the second American and 11th overall team in Formula 1, will have to cough up 3 billion...

Porsche promises to build gasoline cars well into the 2030s

A trade war between Europe and the US and difficult sales in China are causing Porsche to turn towards the combustion engine and promise...

Crazy sight rule emits 33 tons of CO2 per year

Every year, two million cars are inspected in Denmark. All owners must take the inspection report home on paper, says the EU. It costs...

Nissan: It's useless to force people to buy electric cars

Nissan wants more carrots to entice people into electric cars, instead of forcing drivers to do so through legislation. Nissan does not believe that...

Electric muscle car doesn't sell – price drops by DKK 100,000

Dodge is having such a hard time finding buyers for the electric Charger Daytona that the car has dropped in price by almost 100,000...

Media: Nissan wants to revive the Primera name

There are indications that the Nissan Primera is on its way back. At least Nissan has once again sought trademark protection for the model...

Seat says no to electric cars for 2030

There will be no electric cars from the Spanish VW brand Seat. At least not for 2030, says the CEO. Seat will not have...