"Tesla's (TSLA) approach to employee rights violates the Folksam Group's investment criteria," the company said, according to a translation. Tesla is embroiled in a dispute in Sweden over its refusal to sign a collective bargaining agreement, which would allow trade unions to negotiate on behalf of employees who are members.
Folksam said it had tried to influence Tesla in "various ways", having submitted proposals to the company's annual general meeting two years in a row, but said "no improvement has been seen".
"This is not the result we had hoped for," said Marcus Blomberg, head of asset management and sustainability at Folksam. "Trying to influence our holdings through ownership control is important for the Folksam Group, but now we see no possibility of achieving a change and therefore we have divested the entire holding."
It was not disclosed how big of a stake Folksam had in the company. Tesla had not responded to Yahoo Finance UK's request for comment at the time of writing.
This comes as Tesla CEO Elon Musk faces a backlash over his political activities, as a close adviser to US president Donald Trump and heading up his so-called Department of Government Efficiency (DOGE), overseeing cuts to government agencies.
Shares in Tesla were down 1.5% in pre-market trading on Wednesday, with the stock down more than 33% year-to-date.
Johnson & Johnson said on Monday that the US Bankruptcy Court for the Southern District of Texas denied the request by its subsidiary Red River Talc to confirm its proposed prepackaged bankruptcy plan.
Rather than appeal the decision, Johnson & Johnson said it would return to the tort system – an area of civil law – to litigate and "defeat these meritless talc claims".
Erik Haas, worldwide vice-president of litigation at Johnson & Johnson, said: "The court has unfortunately allowed a couple of law firms with financially conflicted motives, who have conceded they have not recovered a dime for their clients in a decade of litigation, to defeat the overwhelming desire of claimants.
"In view of the learnings from the bankruptcy case, we are more confident than ever in our position in the tort system. We prevailed in 16 of 17 ovarian cases tried in the last 11 years and will devote our efforts to defeating these fake claims."
The company had a lacklustre start to trading after it debuted on the Nasdaq (^IXIC) on Friday.
CoreWeave (CRWV) started out as an Ethereum-focused crypto mining firm in 2017 but has since shifted into AI. It uses Nvidia's (NVDA) graphics chips for data centres, renting out the space and processing capacity to third parties.
Shares in conservative media outlet Newsmax (NMAX) soared another 179% on Tuesday, after skyrocketing 735% on Monday following its initial public offering (IPO).
Newsmax (NMAX) raised $75m in its IPO on Friday, with the surge in shares in its first couple of days of trading giving the company a market valuation of $20.8bn.
"This incredibly successful offering, combined with our previous Preferred Offering, provides us with the capital and financial freedom to accelerate our growth initiatives, expand our programming, and further enhance our digital presence," said CEO Christopher Ruddy, a media mogul and friend of president Trump.
Newsmax (NMAX) was founded as a news website in 1998 by Ruddy, with the company launching its cable news channel in 2014.
On the UK market, shares in Raspberry Pi (RPI.L) jumped more than 8%, despite the company reporting a drop in profits in its first set of annual results since listing last year.
The company makes small, more affordable computers for businesses, as well as for home use, having been originally developed to help with teaching coding.
Full-year revenue for 2024 came in at $259.5m, down 2% from last year, though profit before tax plunged 57% to $16.3m and adjusted earnings per share fell 47% to 10.7 cents.
Dan Lane, lead analyst at Robinhood (HOOD) UK, said: "A wall of negative results today is a world away from the upbeat half-year update but the big jump in products released could be the saving grace. With 22 new products launched during 2024, of which RPI (RPI.L) said it would feel the full benefit in 2025, investors might be willing to look past big drops in profits and earnings per share.
"Whether numbers like today’s are teething issues or not could have a real impact on the firm’s trajectory from here – it will need to get back to growth quickly. That said, with its new product set that could be an exciting prospect."
