State Of Michigan Owns $72 Million In Tesla Stock, Won’t Allow Direct Sales And Service

OK, this is perilously close to a joke: The State of Michigan currently bans Tesla from selling its vehicles through its direct sales model, but has no problem holding $72 million of Tesla stock for state retirement funds.

In June, the Michigan Department of Treasury purchased about $48 million of Tesla stock, therefore increasing its shares in the company by 224 per cent from approximately 104,821 shares to 339,623 individual shares, says Detroit News.

While a $72 million Tesla stock portfolio represents just 0.12 per cent of Michigan’s total $60 billion retirement fund, it is incredibly ironic that almost two years ago, the Governor signed a bill restricting Tesla using its direct sales model without dealerships, crippling the electric automaker’s efforts in selling cars there. Tesla says that, because of the barring of its sales model, some 600 Tesla owners in the state of Michigan are forced to travel inter-state to have their vehicles serviced.

Make of that what you will, but to us it does sound like someone doesn’t mind having his cake and eat it, too. That’s rich – in more ways than one.


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