New York City Democrats, led by Councilman Justin Brannan, are targeting a divestment from Tesla due to concerns about Elon Musk's influence on democracy and public funding. Brannan's campaign for city comptroller emphasizes that Musk's support for President Trump and actions that threaten Social Security undermine economic stability, particularly for retirees. He argues that Tesla's stock volatility makes it an unsuitable investment for city pensions, which holds around $1.2 billion. In contrast, the state Conservative Party criticized the Democrats for their hypocritical stance against a company once celebrated for its environmental contributions.
"Elon Musk is deadly for democracy, and his companies are corrosive for our portfolio," Brannan said, emphasizing perceived threats stem from Musk's influence and actions.
Brannan articulated that Musk's backing of President Trump and cuts jeopardize essential funding, pointing out that these actions are detrimental to New York's retirees.
He criticized the volatility of Tesla's stock, arguing that investment is unsafe for pensions, expressing concern over the city’s financial stability.
Kassar highlighted the irony of Democrats turning against Tesla, as they had previously supported the company's environmental initiatives while criticizing Musk's recent actions.
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