Demand California Continue Divesting from Tesla over Elon Musk's DOGE Takeover

The Issue

I speak today as a concerned citizen of California, deeply disturbed by the recent chain of events in our government. Elon Musk's controversial DOGE takeover threatens the very fabric of our democracy. The repercussions of this takeover - a billionaire bending our political structure to his will - should not be ignored. In response, we must take tangible actions to send our message.

We request that Calpers, the largest public pension fund in the U.S., continue to divest from Tesla, thus putting financial pressure on Mr. Musk. Calpers, with its investment portfolio of over $400 billion, holds the power to influence corporate behavior (source: Wall Street Journal, 2020). Their act of divestment could significantly affect Tesla's stock and send a strong statement against such unconstitutionality occurring again.

We implore Calpers leadership to continue divesting their stock holdings with Tesla until the situation is rectified. In doing so, they will demonstrate their commitment to uphold the democratic values of California's pensioners and citizens alike.

Stand with me in reclaiming our political integrity. Sign this petition, demand change and make a stand against Elon Musk's unlawful DOGE takeover.

avatar of the starter
Neil WeismanPetition Starter
Media inquiries

714

The Issue

I speak today as a concerned citizen of California, deeply disturbed by the recent chain of events in our government. Elon Musk's controversial DOGE takeover threatens the very fabric of our democracy. The repercussions of this takeover - a billionaire bending our political structure to his will - should not be ignored. In response, we must take tangible actions to send our message.

We request that Calpers, the largest public pension fund in the U.S., continue to divest from Tesla, thus putting financial pressure on Mr. Musk. Calpers, with its investment portfolio of over $400 billion, holds the power to influence corporate behavior (source: Wall Street Journal, 2020). Their act of divestment could significantly affect Tesla's stock and send a strong statement against such unconstitutionality occurring again.

We implore Calpers leadership to continue divesting their stock holdings with Tesla until the situation is rectified. In doing so, they will demonstrate their commitment to uphold the democratic values of California's pensioners and citizens alike.

Stand with me in reclaiming our political integrity. Sign this petition, demand change and make a stand against Elon Musk's unlawful DOGE takeover.

avatar of the starter
Neil WeismanPetition Starter
Media inquiries

The Decision Makers

Fiona Ma
Fiona Ma
California Treasurer
Responded
“Good afternoon, Thank you for reaching out and for sharing your concerns regarding California’s investment exposure to Tesla and public reaction to the recent executive compensation proposal for Elon Musk. I appreciate how deeply Californians care about responsible governance and accountability. I want to provide clarity on the actions California has already taken. Both CalPERS and CalSTRS—independent pension boards entrusted with protecting the retirement security of public workers—voted against Elon Musk’s proposed compensation package at Tesla. Their votes reflected significant and well-documented concerns, including: • The unprecedented size of the package, which exceeded $50 billion and was viewed as misaligned with shareholder interests • Serious governance weaknesses, including insufficient board independence and oversight • Over-concentration of control in a single executive without adequate checks and balances • A lack of clear, long-term performance measures to justify such an extraordinary award • Concerns about workplace safety, labor practices, and operational risk, which factor into long-term sustainability These votes were grounded in the pension funds’ fiduciary duty to safeguard the long-term value of the investments that support millions of California workers and retirees. As State Treasurer, I do not have unilateral authority to order divestment or investment decisions involving individual companies. Under California law, CalPERS and CalSTRS must act solely in the financial interest of their members and beneficiaries. Each decision—whether voting on a compensation package or determining a holding—is made publicly and independently by the pension boards. Both funds continue to use their shareholder rights to press Tesla for: • Stronger corporate governance • Improved transparency • Board independence • Responsible oversight of executive compensation • Better worker safety and labor standards Engagement is a powerful tool that enables California to advocate directly for meaningful improvements, while upholding the legal fiduciary framework that governs pension investments. I remain committed to transparency, accountability, and ensuring that public retirement assets are managed responsibly and sustainably. The actions taken by CalPERS and CalSTRS on the Musk pay package reflect a serious commitment to these principles. Thank you again for your advocacy and for engaging in this important dialogue. Your voice helps strengthen the accountability and integrity of the financial institutions that serve California’s public workers and retirees. Sincerely, Fiona Ma, CPA California State Treasurer”
CALPERS
CALPERS
CalPERS Board of Administration
CalPERS Board of Administration

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Petition created on February 25, 2025