The Canadian Association of Professional Employees, one of the largest federal public-sector unions in Canada, said it has not received a response yet from the Public Sector Pension Investment Board, Montreal, after asking PSP and all pension funds in Canada to dump their holdings in automaker Tesla.
“Elon Musk, Tesla’s owner and the richest person on the planet, has been using his corporate influence to destroy government and public services in the U.S.,” CAPE said in an April 9 statement. “He is using his unelected role heading up the 'department of government efficiency' to dismantle essential public services and slash jobs without accountability.”
Nathan Prier, CAPE’s president and public service pension advisory committee member, also said in the statement: “It is deeply concerning that Canadian public-sector pension funds are being used to support a corporation whose owner is directly attacking the federal programs and workforce that deliver essential services for millions of ordinary Americans. CAPE and its members stand firmly in solidarity with our siblings south of the border and against corporate interference, naked conflicts of interest, and indiscriminate job cuts that weaken critical public services ordinary Americans rely on.”
CAPE said it also opposes any attempt by current or future Canadian federal governments to implement a DOGE-like approach to public services.
As of Dec. 31, PSP owned 690,063 shares of Tesla valued at about $279 million as of that date. As of April 11, these holdings have a value about $172 million.
A PSP spokesperson said the pension fund operates at an arm’s length from the Canadian government and that it generally does not comment on portfolio holdings or investment strategies due to legal, regulatory, commercial and confidentiality considerations.
CAPE has more than 27,000 members.
PSP had C$264.9 billion ($195.6 billion) of net assets as of March 31, 2024, the most recent data available.
