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Large public comment turnout urges CalPERS to divest Tesla and investigate Valor partner ties to DOGE
Summary
Public commenters urged CalPERS to divest Tesla and asked staff to review investments in firms linked to public‑facing DOGE work, citing governance, reputational and fiduciary concerns.
A large group of public commenters addressed the Investment Committee, urging CalPERS to divest from Tesla and to scrutinize investment relationships with firms whose senior principals are publicly engaged with the Department of Government Efficiency (DOGE).
Several CalPERS members and retirees told the committee they believe Tesla’s governance and the conduct of its CEO, Elon Musk, have damaged the brand and increased investment risk. Speakers cited weak recent sales, delays and rollout issues for new models, questions about the company’s full‑self‑driving claims, increased competition from Chinese automakers and a decline in the stock’s market positions. Commenters asked trustees to consider immediate divestment and to view the holding as an avoidable risk to retirement security.
A separate but related set of comments raised concerns about Valor Equity Partners, a private‑equity investor in which CalPERS has management relationships. Commenters said media reports suggest Valor executive Antonio Gracias played a leadership role in research and policy work for DOGE that could affect Social Security or government data protection. Service Employees International Union members requested CalPERS review whether Gracias’ public work creates conflicts of interest or raises reputational and fiduciary risks for CalPERS‑linked investments, and they provided reporters’ articles for staff review.
Speakers who pressed for Tesla divestment included retirees and active plan participants; several said they had signed petitions, participated in demonstrations, or divested personal accounts. Trustee reaction in the public portion of the meeting was limited to listening; staff acknowledged receipt of comments and said written petitions and materials would be provided to trustees.
Ending: Staff said public comments and submitted materials would be included in the record; trustees did not take immediate action during the meeting and will receive the materials for consideration in future deliberations.
