06:56 AM EDT, 04/02/2025 (MT Newswires) -- Folksam, Sweden's largest insurer, said Wednesday that it has divested its entire stake in Tesla (TSLA), citing the automaker's stance on employees' union rights as a violation of its investment criteria.

Folksam said the decision was the result of unsuccessful dialogue and advocacy efforts, which it described as "fruitless."

The market value of Folksam's Tesla holdings was around $160 million, according to multiple media reports Wednesday.

Tesla did not immediately respond to MT Newswires' request for comment.

Tesla shares were down over 2% in recent Wednesday premarket activity.