Teacher’s union is fighting back against Elon Musk in a new way — his wallet

Adam Bass, masslive.comMassLive.com

As Tesla CEO and billionaire ally of President Donald Trump Elon Musk continues to gain more attention in federal politics, one of America’s largest unions is pushing back against him.

But unlike other opponents of Musk, who have taken to the streets to protest his work in running the Department of Government Efficiency, the American Federation of Teachers (AFT) is choosing to take the battle to the CEO’s wallet.

Randi Weingarten, the union’s president, wrote to asset management company Blackrock — which manages $4 trillion worth of retirement security assets for the union — to rethink its investments in Tesla’s stock.

The letter was also copied to Musk and members of Tesla’s board.

Weingarten, who endorsed Trump’s Democratic opponent for president, former Vice President Kamala Harris, notes in her letter that she believes Tesla is overvalued and that Tesla shares have dropped by 28% over the past month. She argues that if Tesla’s stock drops lower, it could affect the retirement security assets of AFT members.

“Every worker deserves a safe a secure retirement. Just this week we saw Tesla stock continue to sink faster than a Cybertruck in quicksand,” Weingarten wrote on the social media website Bluesky. “So we’re asking asset managers to honestly look at their investments in Tesla.”

Musk is part of the Department of Government Efficiency (DOGE), a special commission established by an executive order from Trump that is tasked with slashing federal spending and regulations and firing federal workers.

Musk has accessed the federal Department of Education and promised steep cuts. Trump himself has promised to abolish the department altogether.

Weingarten wrote that Musk is one of the reasons why Tesla’s brand is hurting right now. Musk owns about 12% of Tesla’s shares, and this is one of his sources of wealth, according to Forbes.

“According to the American EV Jobs Alliance, EV swing consumers—those open to EVs once costs drop—view Musk negatively, making customer expansion even harder,” Weingarten wrote. “Just last week, Stifel analyst Stephen Gengaro declared that Tesla’s net favorability is at an all-time low at 3%, down from 9% in January 2024.”

Polls have shown more Americans disapproving than approving of the work Musk is doing in the federal government.

A Quinnipiac University poll conducted between Feb. 13 - 17 with a sample size of 1,039 registered voters found that 55% of voters think Musk has too much power in making decisions affecting the United States while 36% think he has about the right amount of power. Three percent of respondents said he had too little power. The poll’s margin of error was 3%.

An Emerson College poll conducted between Feb. 15-17 with a sample size of 1,000 registered voters found that 45.1% of respondents disapproved of how Musk has been handling DOGE compared to 40.5% who said they approved. A total of 14.3% of respondents said they were neutral or had no opinion. The poll’s margin of error is 3%.