Governor Walz Faces Backlash Over Comments on Tesla Stock Decline

Walz's remarks draw criticism as Tesla's stock drop raises concerns about pension fund stability in Minnesota and beyond.

Governor Tim Walz joked about Tesla's stock decline, saying it gave him 'a boost,' despite Minnesota's pension fund holding 1.6 million Tesla shares.
Kevin O’Leary criticized Walz's comments, calling them irresponsible given the financial risks to state pension funds tied to Tesla's volatile stock.
Tesla's stock has fallen over 50% since December 2024, with its market valuation dropping from $1.7 trillion to under $800 billion.
Officials in New York and Illinois are considering divesting from Tesla shares to protect public retirement funds from further losses.
Broader concerns about Tesla include operational challenges, demand issues, and the impact on major investment firms like Vanguard and BlackRock, which hold substantial Tesla shares.