AN MSP has raised concerns about the Scottish Parliamentary Pension Scheme’s investments in Tesla amid the global backlash against owner Elon Musk.
Green MSP Mark Ruskell has written to the chair of the board of trustees, Pauline McNeill, to urge trustees to “actively divest” from any Tesla Inc stocks managed by external fund manager, Baillie Gifford.
Musk – who also owns the X social media platform – has attracted global outrage in recent months after endorsing the likes of far-right political actor Tommy Robinson.
He was also seen making a potential “Heil Hitler” salute during President Donald Trump’s inauguration in front of 20,000 people.
In his letter, Ruskell said he believes the “toxicity” of Musk and by association Tesla “contravenes” the fund’s Statement of Investment Principles.
He wrote: “I am writing as a Member of the SPPS and as a former trustee to raise a concern about pension fund investments in Tesla Inc.
“As I am sure you are aware, there has been a significant and growing global backlash against the actions of Elon Musk.
“In particular, the alleged normalisation of misinformation and extremism and his endorsement of far-right political actors including Tommy Robinson have raised significant ethical concerns.
“As a result of this and Musk’s actions as an unelected member of the US Trump Administration, sales of Tesla cars have plummeted across Europe, calling into question the financial wisdom of continued investments in this company.
“Public money should be used for the public good. While EVs remain a strong global market to invest in, I believe the toxicity of Musk and by association Tesla Inc contravenes our agreed Statement of Investment Principles.
“As a member of the SPPS I urge Trustees to actively divest from any Tesla Inc stocks managed by Baillie Gifford on our behalf.”
Reports this week have confirmed shares in the electric car firm Tesla fell more than 15%.
However, stock analysts said the main reason for the poor performance of the shares was fear about Tesla meeting production targets and a drop in sales over the past year.
US President Donald Trump's economic policies on tariffs are also making investors nervous, analysts said.
Ruskell added: "Where we put our money matters and it sends an important message.
"The Scottish Parliament should be leading the way and supporting the kind of companies and people that are making our world a better place, not backing Elon Musk or his businesses.
"Electric vehicles are important, and are a perfectly valid market to invest in, but if we are to reject the toxicity of Elon Musk then we can't be funding his work or his companies.
"There is a growing global backlash against Musk and the hateful politics he represents, and our Parliament should be part of it."
A Scottish Parliament spokesperson said: “Baillie Gifford invests parliamentary pension contributions in pooled funds, where the Scottish Parliamentary Pension Scheme (SPPS) is only one of a number of investors.
“Under this arrangement the SPPS does not directly own any stocks, nor can the Fund Trustees direct where individual investments are made.”
