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Tesla shares surged over 5% on April 2 following speculation that Elon Musk might resign from his role at the Department of Government Efficiency, despite the White House and Musk dismissing the report as false. This rebound came after a significant drop due to disappointing first-quarter delivery numbers, with Tesla's stock down over 31% this year. Concerns about Musk's government role and political activities have sparked protests and legal scrutiny, particularly regarding their impact on Tesla's interests.
New York City Comptroller Brad Lander has urged the city to sue Tesla and CEO Elon Musk for alleged breaches of fiduciary duties, citing significant financial losses for the city's pension systems due to Musk's distractions and misleading statements about his role. The city holds 3 million shares in Tesla, which has seen a nearly 40% drop in stock value recently, resulting in over $300 million in losses. Lander's call for litigation follows ongoing concerns about corporate governance and Musk's focus on his other ventures, including xAI, which he has been accused of prioritizing over Tesla's interests.
New York City faces a potential $7.9 billion risk in federal aid due to actions and proposals from President-elect Donald Trump, according to Comptroller Brad Lander. His office has assessed the fiscal threats posed by the incoming administration, referencing Trump's campaign statements and the disavowed Project 2025 policy blueprint.
New York City's pension funds are poised to expand their fossil fuel divestment strategy by prohibiting future investments in midstream and downstream fossil fuel infrastructure, following a recent court victory. Comptroller Brad Lander emphasized the financial risks posed by climate change, advocating for this policy to protect beneficiaries and mitigate systemic risks. The trustees are set to vote on the new policy in 2025 after assessing its implications.
New York City Comptroller Brad Lander has proposed a plan to end fossil-fuel investments in private markets by the city’s pension funds, aiming to reduce greenhouse gas emissions. The initiative would prohibit future investments in energy infrastructure, including pipelines and liquefied natural gas terminals, affecting three of the city’s five retirement plans.
Brad Lander
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23:07 22.10.2024
new york city proposes restrictions on fossil fuel investments in pension funds
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