The Canadian Association of Professional Employees (CAPE) is calling on the Public Sector Pension Investment Board (PSPIB) and all Canadian pension funds to divest from Tesla, citing CEO Elon Musk’s political influence in the U.S. and his perceived hostility toward public services.
CAPE, one of the largest federal public sector unions in Canada representing more than 27,000 federal employees across the country, issued a press release denouncing Musk’s role in the U.S. Department of Government Efficiency (DOGE). According to CAPE, Musk has used his position to push for deep cuts to essential services and public sector jobs, actions the union says undermine both American and Canadian public institutions.
The PSPIB held approximately 690,000 shares in Tesla, valued at $278 million, as of December 31, 2024. But that value has dropped more than 36% since then following Tesla’s stock price decline, largely due to trade tensions between the U.S. and the rest of the world and Musk’s close affiliation with the Trump administration.
“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,” said Nathan Prier, CAPE President and member of the Public Service Pension Advisory Committee. “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.”
CAPE’s statement goes further, warning against the potential adoption of a DOGE-like model in Canada. The union emphasized the need for robust public investment and protection of core programs like employment insurance and healthcare. It also proposed alternatives to government cost-cutting, including reducing reliance on costly external consultants and adopting flexible telework policies to convert federal office space into much-needed housing.
“Divesting from Tesla would send a clear and principled message: Canadian public sector workers and taxpayers will not support companies that put profit over public service, particularly when the administration those companies support is threatening to annex Canada. We urge the CPSIB to act now,” Prier added.
