Attorney General Dave Yost’s move to punish national retailer Target over a $5 million loss by the State Teachers Retirement System appears to have a clear political motivation, given that a much bigger loss can be attributed to Elon Musk’s Tesla company.
The choice has political hypocrisy written all over it.
Mr. Yost has convinced STRS to join a federal shareholder lawsuit against Target, claiming the retirement system was damaged by corporate deception regarding the financial risk of their 2023 Pride campaign.
Mr. Yost will attempt to make STRS the lead plaintiff in the litigation and as such have the right to direct the case. Typically in Ohio, that creates a partnership with a powerful outside law firm selected by the AG.
STRS claims a $5 million loss because of consumer backlash against Target’s LGBTQ merchandise promotions. STRS has joined the Florida claim that Target’s representation of the risks vs. rewards of their corporate diversity, equity, and inclusion program was false and misleading.
If Mr. Yost is ready to go to court over $5 million lost, where is his case against Tesla CEO Elon Musk, who has gone missing in action from the company to pursue a politically divisive agenda leading the Trump Administration’s Department of Government Efficiency?
Since the year began Tesla stock has fallen by more than 40 percent. Ohio’s combined public pensions own shares that have fallen in value by more than $200 million in 2025.
A long list of Wall Street investment managers are blaming Mr. Musk’s inattention to Tesla for the falling stock value. These Tesla shareholders are calling on him to return to his corporate duties because of the damage his absence is doing to the value of the company.
Of course bringing a lawsuit alleging Elon Musk has broken his fiduciary obligation to Tesla shareholders would be politically damaging to Dave Yost’s quest to win the Republican nomination for Ohio governor.
Elon Musk is a MAGA icon and is more than willing to spend huge sums to support or oppose political candidates.
But the financial damage to Ohio pension beneficiaries from the fiasco at Tesla is exponentially more costly than the case against Target. Ohio STRS is helping Mr. Yost score some political points as an opponent of corporate DEI policies rather than seeking a remedy for a significant financial loss.
Mr. Yost is struggling to gain MAGA credit in his bid for governor. We get that. But a better target for protecting Ohio pension values is Musk’s irresponsible jeopardization of a publicly traded company.
First Published March 23, 2025, 4:00 a.m.
