Tim Waltz calls himself a “knucklehead” and a “smart ass” for saying stupid things. But some wonder whether his stupid, mouthy comment tips are also a violation of Minnesota laws that money has learned.
Question: whether the former Cannon Dem VP candidate and current Minnesota governor really stepped in there when he began attacking Elon Musk and Musk's EV company Tesla. Walz enjoyed the fact that the EV maker's stocks are declining amid the controversy surrounding Doge. Investors related to Tesla-related vandalism and investors have seen Musk spend too much time in Trump's White House.
But Minnesota's pension fund owns shares in Tesla, perhaps even more dangerous for Waltz, he is an officer of the state pension plan, the so-called “trusted”;
Of course, Waltz is known for his goofy attitude, and in line with form he spotted a strange rally in Wisconsin last week, perhaps revitalizing a Democratic base. But instead of attacking Donald Trump, Waltz bounced awkwardly and awkwardly, screaming at musk.
Yes, Musk is the trouble of Rooney left behind by being a progressive apostate lately, ulling things like taxpayers from the federal budget like the transgender dance festival in Bangladeshi. Because of those fatal sins, Walz not only called Musk “Dips-It” (and a few other choice terms), but also took inappropriate shots with EV.
“Some people know this. On the iPhone, they have that little stock app. I added Tesla to it and gave me a little boost during the day. I'll drop it with $225.” “And if you own it, we're not blaming you. You can take the dental floss and pull away the Tesla's,” he adds, gesturing something strange with his hand.
Musk and Tesla employ American workers and his pensioners own stock, making them very inappropriate. The Minnesota Pension Fund owns 1.6 million shares in the EV company in its retirement portfolio and more than 200,000 shares in another investment vehicle, according to the last report. The Pension Fund says its records are dated as of December 2024, but it is possible that the stock is still held, given Tesla's presence within the S&P 500.
But those statements here can be legally at risk. Walz, as governor, is the chairman of the pension scheme, and according to its website, “primary responsibility… monitors and evaluates the investment program as a fiduciary with the aim of making sound investment decisions.”
The term trustee is important, corporate lawyers and investors talk about money. A “trust” is the guardian of the state workers' pension. It's a clear no-no to try to lower the share price you own, and that's a big deal. If the pension fund actually owns Tesla shares, and if the waltz's name is Trump, it could lead to an ambitious investigation of either a politically motivated opposition state and local prosecutors who are suspected of being a “breaking” of his fiduciary duties.
Neither Waltz nor the Pension Fund responded to a call for comment.
Investopedia defines the situation as follows: “Case law shows that actions occur most frequently when a violation of fiduciary duty is in effect, violating or counterproductive to the interests of a particular beneficiary. Inappropriate behavior is usually argued to benefit the interests of a third party.
What's interesting is why I sought a legal reading for state Attorney General Keith Ellison. You may remember Ellison indicting the police officer involved in the 2020 death of George Floyd. He may also have a special interest in whether Waltz stopped the queue as he is not just a state AG (aka the state's top prosecutor in charge of supporting state law) is also on the governor and the state pension committee.
So far, I haven't heard it.
Waltz then tried to return his anti-Tesla statements, so he's now self-criticism of his recent “Smarts” (maybe he'd chatted with Ellison). Others call him an idiot to throw away stocks held for the retirement of state workers.
Kevin O'Leary, a well-known investor from “shark tanks” and not a stranger to the world of fiduciary responsibility, described it in this most elegant way.
