Swedish pension fund AP7 announced that it has blacklisted and sold all its shares in Tesla (TSLA, Financial), citing the company's violation of union rights in the United States. The fund stated that despite ongoing communications and cooperative shareholder proposals with other investors, Tesla has failed to adequately address these labor rights issues.
The spokesperson for AP7 revealed that when the shares were sold at the end of May, they were valued at approximately 13 billion Swedish krona, or 1.36 billion USD. The fund's holdings in Tesla represented about 1% of its total stock portfolio at that time.
As of the end of May, AP7's total assets amounted to 1.181 trillion Swedish krona, according to its official website.
