Union calls Tesla a toxic asset and pushes Canadian pension funds to cut financial support
One of the largest unions representing federal public servants has called on the Public Sector Pension Investment Board to divest from Tesla, as reported by Ottawa Citizen.
The Canadian Association of Professional Employees (CAPE) said the decision to demand divestment stems from Tesla CEO Elon Musk’s involvement in what it describes as the dismantling of the American public service through the so-called Department of Government Efficiency (DOGE).
CAPE president Nathan Prier stated, “We need to start getting more aggressive on specific assets of targeted oligarchs that are running the US government right now.”
According to public disclosures, as of December 31, 2024, the pension fund held 690,063 shares of Tesla Inc. The value of the holding at that time was US$278,675,042.
Since US President Donald Trump began his trade war, Tesla stock has fallen amid a broader market selloff.
As a result, the pension’s Tesla stake declined to US$160,984,797, marking an estimated US$134m loss.
As of March 31, 2024, total holdings for the public service pension fund—which manages the retirement savings of federal public servants—stood at approximately $186bn.
When contacted by Ottawa Citizen, the Public Sector Pension declined to comment.
In an interview, Prier described the Tesla investment as “just pocket change” but emphasized its symbolic weight.
“It’s funding Elon Musk, and it’s funding Donald Trump, and it’s funding an attack on our economy and our sovereignty,” Prier said. “And so I think it’s pretty low-hanging fruit.”
He noted that hundreds of thousands of government workers have lost their jobs since Trump assumed office.
A media release from CAPE said that divesting from Tesla would show that Canadian public sector workers and taxpayers do not support companies involved in dismantling the American government.
The union also referenced Musk’s role in an administration that, it claims, has threatened to annex Canada.
The union said it aims to caution against any future Canadian government efforts to adopt DOGE-style public sector cuts.
It noted that Conservative Leader Pierre Poilievre and Liberal Leader Mark Carney have both discussed the need for efficiencies.
Poilievre’s Conservatives plan to reduce the public service by 17,000 employees per year through attrition. Carney has proposed capping the size of the federal workforce.
“A new federal government mandate should deliver for working people to get us through this crisis, and that will mean strong federal and provincial programs, such as EI and health care, backed by a strong public sector,” the media release stated.
CAPE also urged all pension funds across Canada to divest from Tesla.
