Tim Walz celebrated shrinking Tesla stock while Minnesotans own over 1M shares
Minnesota Governor Tim Walz recently made headlines for his controversial remarks about Tesla and CEO Elon Musk during a town hall in Wisconsin. Despite over 1 million Minnesotans owning Tesla shares in their retirement funds, Walz didn’t hold back in mocking the electric car company’s recent stock market decline.
During the town hall, Walz jokingly mentioned how he checks Tesla’s stock value on his iPhone to lift his spirits, even though the stock was plummeting at $225. He went on to suggest that Tesla owners could remove the logo from their cars with dental floss, much to the amusement of the audience.
However, Walz’s comments may have hit a nerve with his constituents, as a June 2024 report from the Minnesota State Board of Investment revealed that the state held 1.6 million shares of Tesla stock in its pension fund. With Tesla’s stock down 41.4% year-to-date, due in part to backlash against Elon Musk’s involvement in the Trump administration, the impact on Minnesota’s pension fund could be significant.
In response to Walz’s remarks, former President Donald Trump’s Rapid Response team took to social media to show support for Musk and Tesla. Trump himself condemned the recent crimes against Tesla, including arson attacks on the company’s vehicles, labeling the perpetrators as terrorists.
Investor Kevin O’Leary criticized Walz’s comments as “beyond stupid,” highlighting the governor’s apparent lack of concern for his constituents’ financial well-being. O’Leary questioned why Walz hadn’t checked the state’s pension plan before making light of Tesla’s stock decline.
As the controversy continues to swirl, Walz is embarking on a tour of Republican-leaning districts and hosting town halls across the country. Despite the backlash, Walz’s office did not respond to requests for comment on the matter.
The incident serves as a reminder of the intersection between politics, finance, and public perception, with Tesla and Elon Musk at the center of a contentious debate. As the story unfolds, it remains to be seen how Walz’s remarks will impact his political standing and relationship with Tesla shareholders in Minnesota and beyond.
