Investor Kevin O'Leary did not hold back when criticizing Minnesota Governor Tim Walz (D) for his recent comments about Tesla stock and Elon Musk, labeling the remarks as "beyond stupid." O'Leary, who is known for his blunt opinions as a panelist on CNN, weighed in on the situation surrounding Tesla dealerships and the decline in Tesla’s stock price, attributing it to Musk's growing association with the Trump administration, which has become increasingly unpopular among Americans.
The controversy began when Walz, during a public appearance, joked about how he feels a sense of “boost” whenever he checks the stock price of Tesla and sees that it has dropped. This comment did not sit well with O’Leary, who expressed his strong disapproval, particularly given the financial implications of Tesla’s stock performance.
“That poor guy didn’t check his portfolio and his own pension plan for the state,” O'Leary remarked. “It’s beyond stupid what he did.” The remark was a pointed criticism, referring to Walz's apparent lack of awareness about how the decline in Tesla’s stock could affect the state’s finances, particularly the retirement fund that includes significant investments in Tesla shares.
Indeed, recent reports from the Minnesota State Board of Investments reveal that the state of Minnesota holds 1.6 million shares of Tesla in its retirement fund, which has been a source of concern among some state officials. These shares were valued at over $200 million in June 2024, but with the sharp decline in Tesla’s stock price since then, the state’s investment has seen substantial losses.
The state pension fund’s involvement with Tesla has raised alarms, especially as the company's stock continues to experience fluctuations.
O’Leary's criticism was based on the fact that Walz, as governor, should be more responsible for monitoring the financial health of the state's pension funds and investments. The Tesla stock, once a darling of investors and a symbol of innovation in the electric vehicle market, has become a point of contention, particularly as Musk's increasing prominence within the Trump administration has coincided with the stock’s recent decline.
O'Leary pointed out that Walz's dismissive attitude towards the Tesla stock drop could signal a larger issue: the lack of attention paid to the financial well-being of Minnesota’s citizens, particularly those whose pensions are tied to state investments in companies like Tesla.
“What’s the matter with that guy? He doesn’t check the well-being of his own constituents,” O’Leary said, emphasizing that the governor's comments reflected a broader failure to act responsibly in his role.
The Tesla stock plunge, according to O’Leary, is just another example of how Walz’s approach to governance could be seen as careless, especially when the state’s financial health is at risk due to his comments and the political situation surrounding Musk.
In addition to his direct criticism of Walz, O’Leary expressed disbelief over the governor’s casual attitude toward such a serious matter. “What a bozo,” he added, underscoring the gravity of the situation.
The Minnesota governor’s flippant remark about the stock drop seemed particularly ill-timed given the volatility of Tesla’s stock and its significant impact on the state’s pension plan.
Tim Walz, a Democratic politician who previously ran alongside former Vice President Kamala Harris in the presidential election, has been increasingly vocal in his opposition to the Trump administration. As part of his political efforts, Walz has been touring the country, engaging with Americans about the policies and actions of former President Donald Trump and his influence on American politics.
The governor’s comments about Tesla stock and Musk’s role in the Trump administration come at a time when many are questioning the financial implications of Musk's growing involvement with the government, particularly in the Department of Government Efficiency. Musk, once heralded for his innovative leadership in the private sector, has become a polarizing figure, especially as his political ties to Trump have become more pronounced.
Many Americans view Musk’s alignment with the Trump administration as controversial, which has led to skepticism about the future of his companies, including Tesla.
Since December 2024, Tesla’s stock has taken a significant hit, largely due to concerns over Musk’s political affiliations and the broader implications of his leadership role within the government. As the stock price continues to fluctuate, many investors are now questioning the stability of their investments in Tesla, and this includes the state of Minnesota.
The fact that the state holds such a large stake in Tesla’s stock has put additional pressure on Walz and his administration to address the concerns of the public, particularly the workers who depend on the state pension plan for their future security.
Walz, in his defense, has argued that Tesla’s troubles are a direct result of Musk's growing role in the government, particularly his position within the Trump administration. The governor pointed out that the stock's decline is not solely related to market forces but rather to the growing controversy surrounding Musk and his political ties.
Walz has suggested that as Musk’s influence in the Trump administration expands, Tesla’s reputation has been tarnished, contributing to the decline in stock value.
While O’Leary’s comments were harsh, they reflect a broader concern about the lack of oversight and responsibility among politicians when it comes to managing public funds, particularly pension plans that rely on investments in volatile companies like Tesla. O’Leary, a prominent investor and financial expert, has long advocated for responsible financial management, particularly when public funds are involved.
As the situation continues to unfold, it remains to be seen how Walz and other state officials will address the issue of Tesla’s stock decline and its impact on Minnesota’s retirement fund. For now, O’Leary’s scathing remarks stand as a reminder of the potential dangers of political commentary in the context of public finances and the importance of remaining vigilant when managing state investments.
