FOR RELEASE: Monday, March 31, 2025
CONTACT: Katy Delgado (914) 960-6050
SENATE REPUBLICANS CALL ON COMPTROLLER DINAPOLI TO REJECT SENATE DEMOCRATS’ PARTISAN PENSION POLITICS
Senate Republican Leader Rob Ortt and Colleagues Ask Comptroller DiNapoli
to Reject Politically Motivated Pension Fund Divestment from Tesla
In response to Senate Democrats’ eye-rolling attempt to politicize New Yorkers’ retirement funds by demanding divestment from Tesla Inc. from the State’s pension fund, Senate Republican Leader Rob Ortt and members of the Senate Republican Conference penned a letter to Comptroller DiNapoli urging him to reject the Democrats’ purely political request that has nothing to do with pension fund performance.
The letter states, “While we recognize that catering to certain political factions may be tempting, as Comptroller, your fiduciary responsibility is to act in the best interest of the pension fund’s beneficiaries, not to engage in political posturing. Divesting from Tesla would be a disservice to the millions of New Yorkers who depend on the pension fund.”
“Additionally, we find it ironic that some of the same voices calling for divestment also frame climate change as an existential threat to humanity while seeking to divest from the world’s largest electric vehicle maker,” continued the letter.
“Calls to divest from Tesla are both short-sighted and blatantly hypocritical. The Comptroller’s primary responsibility is to secure the best financial return for New York’s public employees, not to engage in politically motivated decisions that jeopardize the pension fund. Tesla, as the largest U.S. manufacturer of electric vehicles, represents an innovative and successful company that aligns with the very climate priorities Democrats claim to champion. Demanding divestment from such a company is not only counterproductive but also exposes their fixation on partisan games over actual results,” said Senate Republican Leader Rob Ortt.
Democrats' efforts to use government power to go after Tesla sends a dangerous message to businesses everywhere. The coordinated political attacks are encouraging extreme actions, like setting fire to private property and calling for violence against people with different views. That kind of destruction and hate has no place in New York. We can’t allow the state pension fund to be part of such a reckless and undemocratic campaign.
A copy of the letter is attached.
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March 31, 2025
Honorable Thomas P. DiNapoli
New York State Comptroller
110 State Street
Albany, NY 12236
Comptroller DiNapoli:
We are writing in response to the recent letter from New York State Senate Democrats urging you to divest shares of Tesla Inc. from the New York State pension fund. We strongly disagree with their request and urge you not to divest from Tesla, as doing so would be both a financial and policy mistake.
Tesla has been one of the most successful companies of the 21st century. Since its initial public offering (IPO) in 2010 at $17 per share, Tesla's stock has risen to $250 per share, delivering an impressive 1,500% return. Over the past five years, the stock has grown by nearly 700%. Including Tesla in the State’s pension fund has benefitted over one million pension holders.
The Senate Democrats point to a 28% drop in Tesla's stock price in February as a reason to divest. However, if fluctuations in stock price were a basis for divestment, the pension fund would cease to exist.
While we recognize that catering to certain political factions may be tempting, as Comptroller, your fiduciary responsibility is to act in the best interest of the pension fund’s beneficiaries, not to engage in political posturing. Divesting from Tesla stock would be a disservice to the millions of New Yorkers who depend on the pension fund.
Additionally, we find it ironic that some of the same voices calling for divestment of Tesla stock also frame climate change as an existential threat to humanity while seeking to divest from the world’s largest electric vehicle maker.
Playing politics is no way to manage a pension fund that more than a million New Yorkers depend on.
We strongly urge you to reject the politically motivated push to divest Tesla from the New York State pension fund. The long-term financial health of the fund and the interests of its beneficiaries should remain the top priority.
Sincerely,
Robert G. Ortt
Senate Minority Leader 62nd District
Senator Dean Murray 3rd District
Senator Joseph Griffo 53rd District
Senator George Borrello 57th District
Senator Mark Walczyk 49th District
Senator Andrew Lanza 24th District
Senator Steve Rhoads 5th District
Senator Alexis Weik 8th District
Senator Daniel G. Stec 45th District
Senator Tom O’Mara 58th District
Senator Peter Oberacker 51st District
Senator Anthony Palumbo 1st District
Senator Mario Mattera 2nd District
Senator Steve Chan 17th District
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