Millions of Americans and people around the world invest in stock index funds through their pensions, 401(k)s, and retirement accounts. These funds automatically include Tesla, meaning ordinary savers—teachers, nurses, public workers, private employees, and retirees—are forced to hold the company’s stock whether they want to or not. For many, Tesla represents one of the largest single positions in their entire retirement plan. Yet these passive investors have no mechanism to express concern about the political behavior of Tesla’s CEO, Elon Musk, even when that behavior is detrimental to shareholder value.

In recent years, Musk’s conduct has included statements widely described as racist or antisemitic, attacks on public institutions, open hostility toward major U.S. allies, and inflammatory political commentary that undermines public trust. Many investors do not support these actions, yet their retirement savings remain tied to Tesla because of rules governing major stock indexes such as the S&P 500. Everyday workers should not be forced into supporting political or social views they disagree with simply because their pension funds are linked to an index that has no mechanisms for addressing extreme executive behavior or reputational risk.

There is strong evidence that Musk’s behavior is not only reputationally harmful but also economically damaging to the company. In 2025, Tesla’s U.S. sales fell sharply year-over-year, and several major European markets—including France, Germany, Denmark, and the U.K.—reported significant declines in registrations. Analysts and consumers increasingly cite Musk’s political extremism, attacks on democratic institutions, and inflammatory online conduct as reasons for abandoning the brand. This creates direct financial risk for pension holders whose retirement security depends on the company’s long-term performance, yet who have no say in how their money is allocated.

We call on index providers (Standard and Poors, MCSI, etc.), pension administrators, and fund managers to review Tesla’s inclusion criteria, strengthen governance protections, and ensure that companies whose leadership repeatedly engages in harmful or destabilizing conduct are not automatically included in retirement portfolios. Investors deserve transparency, accountability, and meaningful options. Our retirement money should reflect sound financial governance—not the unchecked political extremism of a single executive.