Minnesota Gov. Tim Walz has clarified his recent comments about Tesla Inc. TSLA stock, calling his remarks a joke after facing sharp criticism from investors who pointed out Minnesota’s significant holdings in the company.
What Happened: Speaking at an event in New York, Walz acknowledged his prior statements about checking Tesla’s declining stock for a “boost” amid Elon Musk‘s involvement with President Donald Trump administration’s Department of Government Efficiency (DOGE).
“I have to be careful about being a smart**s. I was making a joke,” Walz said. “These people have no sense of humor.”
The governor’s initial comments drew immediate backlash, particularly from “Shark Tank” investor Kevin O’Leary, who called the remarks “beyond stupid” given Minnesota’s State Board of Investments reported ownership of 1.6 million Tesla shares in its retirement fund.
“That poor guy didn’t check his portfolio and his own pension plan for his state,” O’Leary said in a CNN segment. “What’s the matter with that guy? He doesn’t check the well-being of his own constituents? What a bozo.”
Why It Matters: Walz, who ran alongside former Vice President Kamala Harris in the 2024 presidential election, has emerged as a vocal critic of both Musk and the Trump administration. During his New York appearance, he criticized Musk’s wealth management.
“If I’m the richest man in the world, I’m like out on the streets handing out money. It’d be fun as hell just to help people out,” Walz said. “Not this guy.”
Tesla shares have struggled in 2025, dropping 34.43% year-to-date amid concerns over vehicle demand, pricing pressures, and a reported $1.4 billion discrepancy in capital expenditures. The company’s market valuation has fallen from $1.7 trillion to under $800 billion.
Read Next:
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
