“Elon Musk is deadly for democracy and his companies are corrosive for our portfolio,” Brannan said. “Musk is an unelected oligarch with way too much power – and he’s using it to screw over everyday New Yorkers. He’s gutting the Social Security Administration, cutting critical funding for New York City, and now he’s leveraging his vast wealth and status as one of President Trump’s biggest donors. Musk’s actions threaten our city’s finances, economic stability and are particularly bad for the retirees that our pension system is supposed to protect. This is simply not someone the City of New York should be doing business with.”

Musk’s leadership of the Department of Government Efficiency (DOGE) in the Trump administration has already resulted in devastating cuts that directly threaten NYC retirees:

• Cuts to Social Security: DOGE has eliminated 7,000 jobs at the SSA and closed 47 offices, forcing seniors to travel hundreds of miles for basic services.

• Direct Financial Attacks on NYC: DOGE has clawed back $80 million in FEMA funding and is threatening to cut 9% of NYC’s federal funding — blowing a massive hole in the city budget.

• Threat to NYC Pensioners: Social Security benefits are a key supplement for NYC pensioners. Cuts would directly impact the financial security of tens of thousands of retirees.

“New Yorkers’ hard-earned pension money is not a slush fund for Elon Musk’s personal empire,” Brannan continued. “Elon is using his political influence and corporate power to make life harder for working people – while sitting in the most sensitive military briefings in the country. The conflict of interest here isn’t just pervasive and unethical, it’s dangerous.”

Brannan’s plan would phase out Tesla holdings, which have lost nearly half their value in 3 months, and redirect funds to sustainable, high-performing alternatives. The plan follows the successful model NYC used to divest from fossil fuels, ensuring a smooth transition without jeopardizing fund performance.

“This is about our values, but it’s also about protecting our money,” Brannan said. “Tesla’s stock is extremely volatile and already underperforming, Musk’s governance is an unmitigated disaster, and now he’s involving himself in national security decisions?! We can’t afford to sit on the sidelines, it’s time to cut ties.”

Brannan vowed to work with the pension boards to implement the plan and hold Tesla’s leadership accountable through shareholder pressure. “New York City’s pension system is one of the most powerful in the world,” Brannan said. “We have a responsibility to use that power to protect New Yorkers, not prop up an unaccountable billionaire dead set on gutting the U.S. Department of Education, cutting critical veterans’ health services, and making life harder for seniors.”