Danish pension fund AkademikerPension said Friday it has excluded Tesla (TSLA) from its investment portfolio due to the company's stance against labor rights, board independence issues and Elon Musk's forays into geopolitics.
Musk has "publicly supported controversial political figures, spread misinformation and criticized governments. This has created major risks to returns, as many investors and customers have turned their backs on the company," the pension fund said in a post on its website.
The pension fund also said it believes Musk is destroying Tesla's brand and value.
AkademikerPension said there is a "theoretical possibility" that it could cancel the exclusion should Tesla's board demonstrate it is prepared to change course at the company's general meeting in June. The pension fund said it submitted a shareholder proposal seeking the right of employees to form and join trade unions, and that it will exclude the company if the proposal is voted down.
Tesla did not immediately reply to a request for comment from MT Newswires.
TSLA shares were over 2% higher in recent premarket activity.