Michigan Treasury now owns Tesla stock despite sales ban

by SpeedLux
Telsa Model X images

The State of Michigan is now holding $72 million Tesla stock for state retirement funds. That would be the exact same State of Michigan that still prohibits Tesla from selling automobiles utilizing a direct sales design without dealers.

As per a report, the Michigan Department of Treasury rose its shares in Tesla by $48 million in June, which is an amusing thing considering the state has passed legislature, supported by General Motors, prohibiting Tesla from offering its cars in the State of Michigan.

The Treasury does not appear to believe there’s anything incorrect with purchasing the company that is lawfully barred from operating within its borders utilizing a direct sales method, mentioning that the $72 million in Tesla stock is just 0.12 percent of its $60 billion retirement fund portfolio.

While there’s nothing wrong about Michigan protecting retirement funding for state workers by buying Tesla’s stock, it’s sadly paradoxical that the State wont permit a automaker it has a monetary interest in to run within its borders.

On the other hand, Tesla declares it has around 600 owners in Michigan that need to take a trip out of state to have their automobiles correctly serviced. It has also obtained a dealership license in Michigan regardless of preserving that it would do everything it might to protect a direct sales model.

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