Swedens largest insurer just dropped Tesla (NASDAQ:TSLA). The reason? A clash over workers' rights thats been quietly brewing for months.
Folksam, managing more than $80 billion in assets, sold its $160 million stake after tryingtwiceto push Teslas leadership toward collective bargaining agreements for Swedish mechanics. No dice. Tesla, led by Elon Musk, insists its employee benefits are already competitive. But that wasnt enough for Folksam. No improvement has been seen, said Marcus Blomberg, the insurers head of asset management and sustainability. Translation: we tried engagement, it didnt work, were out.
This isnt just about one Scandinavian fund selling a fraction of a percent. Its a warning shot. In ESG-heavy markets like the Nordics, labor standards are non-negotiableand investors are willing to walk. If others follow Folksams lead, Tesla could face more pressure in Europe, not just from unions, but from capital looking for companies that match their values.
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