
Letters: Why do state retirement systems still own 9 million shares of Tesla stock?
The California Public Employees' Retirement System and the California State Teachers' Retirement System together own about 9 million shares of Tesla stock.
CalPERS' is the largest public pension fund in the country, and CalSTRS is the largest educator-only pension fund in the world. As of Dec. 31, CalPERS owned 4.8 million shares and CalSTRS owned 4.5 million.
It is outrageous that they continue to hold Tesla stock after Elon Musk revealed his contempt for career civil servants and educators. And Tesla stock is too volatile for these pension portfolios.
These retirement systems are in a position to do something meaningful and effective, which is to sell their Tesla shares. They have owned these stocks for years, so they would realize a gain if they sold soon.
Contact the CalPERS' and CalSTRS' boards, their CEOs, your Assembly member and state senator, demanding divestment from Tesla.
Mary Jo Walker, San Rafael
Pope set open tone
The death of Pope Francis is a profound loss for LGBTQ+ Christians around the world.
While the Catholic Church's relationship with queer people has long been fraught, Francis cracked open the door to something previously unthinkable: mercy.
Francis asked, 'Who am I to judge?' — a question that echoed through pews and Pride parades alike. He chose accompaniment over condemnation, recognizing that LGBTQ+ people are not issues to be debated, but human beings to be embraced.
Francis did not rewrite doctrine, but he reshaped the tone. He met with same-sex couples, blessed LGBTQ+ Catholics and spoke against laws criminalizing homosexuality. In doing so, he offered something radical in a time of moral panic and rising anti-LGBTQ+ hate: the idea that faith and queerness need not be in conflict.
For those of us who have sat in church pews wondering if we are loved by God, Pope Francis offered a glimpse of a gentler gospel. One where dignity is not earned but affirmed.
May his memory be a blessing — and may his legacy challenge religious institutions to love more bravely.
With all our contradictions and faith, we say thank you, Papa Francisco.
Romario Conrado, San Francisco
Build unity in Oakland
Regarding 'Barbara Lee declares victory in Oakland mayor's race — Loren Taylor concedes' (East Bay, SFChronicle.com, April 19): Congratulations to Barbara Lee on her victory in the mayoral election in Oakland.
I hope that Lee leverages her decades of public service to bring positive change to our beautiful and beleaguered city at this critical moment in time.
Since Lee ran on the platform of unifying Oakland, I'd like to publicly challenge her to hire her main opponent, Loren Taylor, to work with her during her tenure as mayor.
What could be more unifying than offering her runner-up a job and the two of them putting aside their differences to serve all Oaklanders?
Elliott Haught, Oakland
Art is human
Disgorging cruise ship passengers are offended by a statue of a large female form, surely you jest? This is San Francisco, for God's sake, a nude female statue is going to be the least offensive thing you find on your visit to our fair city.
What about the statue of David and other European nudes? Do these also offend the cultural sensitivities of visitors to Europe? I mean, we are really in trouble if a non-sexualized nude female statue is offending people in San Francisco.
If you really want to be offended, take a look at all the advertising and media using hyper-sexualized female forms and the degradation of women in general, especially in our current political environment. Now that's something to be offended by.
Jen Fisher, Berkeley
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
34 minutes ago
- Yahoo
'They Went Too Far': Elon Musk Just Walked Back Some Of His Explosive Criticism Of Trump
Elon Musk on Wednesday conceded that some of his recent, sharp criticism of Donald Trump 'went too far,' in an apparent effort to mend ties with the president after their nasty public feud. In a post on his social media platform X, formerly Twitter, Musk made his most overt offer yet to bury the hatchet. 'I regret some of my posts about President @realDonaldTrump last week,' Musk wrote. 'They went too far.' Musk didn't clarify which posts he was referring to. About a week after he left his post at the White House, Musk condemned Trump's 'big, beautiful bill,' urging Americans to kill the legislation, describing it as a 'disgusting abomination.' In response, Trump threatened to revoke the government contracts Musk's companies have secured, prompting the billionaire to turn his attacks up a notch. 'Time to drop the really big bomb,' Musk wrote Thursday. '[Trump] is in the [Jeffrey] Epstein files. That is the real reason they have not been made public.' The White House had promised to release the full documents related to the disgraced financier's case, but what was ultimately put out was largely already known. Musk also at one point seemed to call for the president's impeachment — another stunning development given his prominent role in Trump's 2024 presidential campaign. Musk appears to have since deleted both posts. Trump over the weekend told NBC's Kristen Welker he has no interest in repairing their relationship. But the president has since appeared more open to rapprochement. Asked if he plans to speak to Musk, Trump told reporters on Monday: 'I would imagine he wants to speak to me, I would think so.' 'If I were him I'd want to speak to me,' he added. Even before Wednesday's explicit acknowledgement of his regret for some of his criticism of Trump, Musk has signaled he was ready for a truce. The Tesla and SpaceX CEO seemed to applaud Trump's response to the protests in Los Angeles, amplifying social media posts by the president and his allies about the immigration protests. The billionaire donated nearly $300 million to Trump's 2024 White House bid and served as a top surrogate on the campaign trail. Elon Just Couldn't Stop Posting About Trump — And Experts Say It's Very Revealing Trump Reveals What's Next For That Tesla He Bought From Elon Musk Jon Stewart Busts Biggest Right-Wing Myth About 'F**king Pussies' Trump And Elon Musk
Yahoo
40 minutes ago
- Yahoo
Musk-Trump Feud Distracts Tesla Traders Ahead of Robotaxi Launch
(Bloomberg) -- After years of anticipation and broken promises, Tesla Inc. said its robotaxi service is tentatively set to roll out later this month. Options traders aren't ready to buy the hype yet. Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NY Long Island Rail Service Resumes After Grand Central Fire NYC Mayoral Candidates All Agree on Building More Housing. But Where? Senator Calls for Closing Troubled ICE Detention Facility in New Mexico California Pitches Emergency Loans for LA, Local Transit Systems Traders had braced for the milestone to come on June 12 — before Chief Executive Officer Elon Musk said late Tuesday the company is aiming for a June 22 launch date — and their positioning in the stock's options signaled that few expected any fireworks. Options traders priced in a 5.4% move in the stock for the week ending June 13, according to data compiled by Tom Keen, options strategist at Piper Sandler. That's 24% below the stock's average realized weekly move over the past 12 months. Traders instead appear to be more focused on the political drama unfolding between Musk and Donald Trump. Just last week, Tesla shares dropped 23% from peak to trough during the public spat between Tesla's CEO and the US president. 'It's all about the fight now,' said Dave Mazza, chief executive officer at Roundhill Financial. Vishal Vivek, an equity strategist at Citigroup Inc., noted that 1-month option prices for Tesla stock have retraced to median levels relative to the past year. The muted signal stands in stark contrast to the mounting hype around the robotaxi rollout over the past year. The stock's skew — a measure of investors' bullish or bearish tilt — is flat, after last week's drama spurred a jump in puts as stockholders hedged their bets. Executives including Musk on Tuesday promoted a video of one of its vehicles driving in Austin with nobody behind the wheel, hinting that the debut in Texas' capital is coming soon. Hours later, he revealed the 'tentative' date for the launch in a post on X, his social media site. 'We are being super paranoid about safety, so the date could shift,' he said. Signals Muddied Strategists said the tension between Musk and Trump has made it hard to gauge how much volatility is expected to come from the launch, and how much reflects the general nervousness around the once-chummy relationship. The sudden fallout that played out over social media and press conferences triggered the largest one-day wipe-out in Tesla's market capitalization. Investors worried that an end of a close relationship with the White House will work against Tesla, as the government pursues policies that could put billions of dollars at risk for the company. In options markets, the volume of bearish put options soared by 375% following the fight, according to data from Barclays, with shares falling 14%. The last time Tesla shares sank that much in a day — amid rising concerns about a slowdown in EV sales — put volume had actually declined and bullish call options held steady, Barclays strategists said. As a result, Tesla's implied volatility, a measure of expectations for future market swings, is at 65%, the highest of the S&P 500 Index's top 300 stocks, said Rocky Fishman, founder of Asym 500. The company's option volume has overtaken that of Nvidia Corp., he added. 'The markets are pricing in a lot of movement for Tesla, but there's so much going on with Musk and Tesla that it's hard to separate any unique positioning around the robotaxi event,' he said. Expectations for the robotaxi launch have also been walked back in recent months, especially after Musk told CNBC it was 'prudent' to start with a small number of vehicles in Austin. Several Wall Street analysts have expressed doubts in the past week. Ben Kallo, a longtime Tesla bull at Robert W. Baird, downgraded the stock to the equivalent of a hold rating on Monday, saying he expected the robotaxi business to be more challenging and likely less profitable than the lofty expectations held by several investors. On Friday, Oppenheimer analyst Colin Rusch lowered profit and sales estimates on the company, and said he expected Tesla to require at least one or two more hardware and software updates before delivering reliable performance in vehicle autonomy. Even with watered down expectations, the success of the robotaxi service remains key for the company to hold onto its steep valuation. Investors' focus on the technology has sharpened after Musk made a hard pivot toward self-driving last year, even declaring that investors shouldn't buy the stock if they don't think Tesla will 'solve autonomy.' However, a lower bar for the rollout means it would take a lot for any big move to materialize in the stock. 'It would take an abject failure to turn the trial into a make-or-break event, while anything short of that could be spun as a step in the right direction,' said Steve Sosnick, chief strategist at Interactive Brokers. --With assistance from David Marino. New Grads Join Worst Entry-Level Job Market in Years The Spying Scandal Rocking the World of HR Software American Mid: Hampton Inn's Good-Enough Formula for World Domination Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
44 minutes ago
- Yahoo
Better Autonomous Driving Stock: Tesla or Uber? The Answer Might Surprise You.
Tesla has become the poster child for the autonomous driving revolution on Wall Street, thanks to its Cybercab robotaxi. The company is facing a series of headwinds right now and its stock is extremely expensive, which creates downside risk. Uber is approaching autonomous vehicles with a unique strategy that could pay off significantly in the long run. These 10 stocks could mint the next wave of millionaires › Tesla (NASDAQ: TSLA) is one of the leaders of the electric vehicle (EV) industry, but investors are more focused on its autonomous full self-driving software (FSD), which CEO Elon Musk believes could help it become the most valuable company in the world. But Tesla might be falling behind in the autonomous driving race, at least in terms of commercialization. Uber Technologies (NYSE: UBER) operates the world's biggest ride-hailing network, and it partnered with 18 developers of autonomous vehicles, some of which are already hauling passengers. Can Tesla come out on top over the long term, or is Uber stock the better buy? The answer might surprise you. Musk promised Tesla customers self-driving cars since the early 2010s, but he has yet to deliver one that is approved for unsupervised use on public roads in the U.S. Fortunately for the longtime believers, the wait might be over because he's aiming to get the company's Cybercab robotaxi on the road in Texas and California this year. The Cybercab is a true autonomous vehicle that doesn't come with pedals or even a steering wheel. It runs entirely on Tesla's FSD software, which has been available in beta mode for the last few years in the company's passenger EVs -- strictly in the presence of a human driver, who needs to be ready to take the wheel. Tesla has been releasing safety data for the beta versions of FSD since 2018, and it appears to outperform human drivers by a wide margin. A Tesla passenger EV with self-driving activated crashes once every 7.44 million miles, on average, compared to one crash every 702,000 miles for American drivers who pilot their car manually (across all brands). This data suggests FSD could reduce car accidents by 90% across the country if everybody uses the software, which is why Musk and his team are confident it will be approved for unsupervised use sometime this year. Unsupervised FSD could transform Tesla's economics. The Cybercab will be able to haul passengers and even complete small commercial deliveries around the clock, netting Tesla a consistent revenue stream with high profit margins because there are no human drivers involved. Cathie Wood's Ark Investment Management believes the Cybercab could bring in a whopping $756 billion in annual revenue from autonomous ride-hailing by 2029, assuming FSD receives widespread approval. But there are several unknowns, like whether FSD will actually receive broad approval from regulators or if the Cybercab will be confined to just a few cities. Plus, Tesla has to build an entire ride-hailing network, and there is no telling whether consumers will migrate from other platforms to use it. Uber operates the world's largest ride-hailing network, in addition to a highly successful food delivery service and a commercial freight platform. More than 170 million people use Uber every month, so it has a huge advantage over Tesla, which is starting from scratch. Uber is betting big on autonomous vehicles right now, which could help reduce the enormous cost of its human drivers. At the end of the first quarter of 2025, Uber had 18 partnerships with developers of autonomous technologies, which was up from 14 just six months earlier. One of those partners is Alphabet's Waymo, which is already completing over 250,000 paid autonomous ride-hailing trips every week in Los Angeles, San Francisco, Phoenix, and Austin. According to CEO Dara Khosrowshahi, Uber is facilitating 1.5 million autonomous trips per year (annualized based on its Q1 results). Most of those are attributable to Waymo, which offers its service through its own platform and also through Uber. However, Uber will receive a growing share of that traffic because it's now Waymo's exclusive partner in Austin, and the two companies plan to expand into Atlanta together later this year. Uber could benefit from autonomous vehicles more than almost any other company because the 8.5 million human drivers in its network are its largest cost by a wide margin. During the first quarter, Uber generated $42.8 billion in gross bookings, which represents the total dollar value users spent on the platform. After Uber paid $18.6 billion to its drivers and made $12.9 billion in merchant payouts (to restaurants for customers' food orders, as an example), the company was left with $11.5 billion in revenue for the quarter. Then, after deducting operating costs like marketing, it was left with $1.7 billion in profit on a generally accepted accounting principles (GAAP) basis. If Uber can eliminate some of its $18.6 billion in quarterly driver costs (a figure that is constantly growing), more of its gross bookings will immediately flow through to revenue and then to its bottom line as profit. Uber could theoretically partner with an infinite number of developers of self-driving vehicles to automate its entire network without committing practically any capital investment itself. And if some of those partners fail, others will likely swoop in to capture market share, which is one of the benefits of operating the world's biggest network. Every player in this space wants access to the most potential customers, and that's what Uber brings to the table. Tesla doesn't have that luxury. It will have to spend an enormous amount of money to manufacture Cybercabs, continue improving its FSD software, build a network, and then achieve scale. There is no guarantee it will succeed, and failure could be an existential threat to the company since its EV sales are currently plummeting worldwide, and other products like the Optimus humanoid robot could be years away from generating meaningful revenue. Plus, Tesla stock trades at an exorbitant valuation right now, which creates a significant downside risk. Its price-to-earnings (P/E) ratio is 171, compared to the 30.6 P/E ratio of the Nasdaq-100 index. The Nasdaq-100 is home to all of Tesla's big-tech peers, many of which are growing their earnings while Tesla's earnings are shrinking, so the EV giant's premium valuation is very difficult to justify. Although Tesla is the poster child for the self-driving revolution on Wall Street, I think Uber is in a better position to build a successful autonomous ride-hailing business over the long term. Plus, it's extremely difficult to recommend buying Tesla stock at the current prices because any indication that its autonomous ambitions aren't going to plan could drive a sharp correction. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $369,876!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $38,243!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $660,341!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of June 9, 2025 Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Anthony Di Pizio has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Tesla, and Uber Technologies. The Motley Fool has a disclosure policy. Better Autonomous Driving Stock: Tesla or Uber? The Answer Might Surprise You. was originally published by The Motley Fool