Steinborn Urges New Mexico to Divest From Musk Firms
State Senator Jeff Steinborn is calling for the removal of public funds from companies managed by Elon Musk and Russian entities.
Updated on Oct. 24, 2026 in Investing
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New Mexico State Senator Jeff Steinborn has officially requested that the State Investment Council divest public funds from any entities with Russian associations or those under the control of Elon Musk. The move follows concerns raised regarding communications policies during the ongoing conflict in Ukraine.
Why it matters
The request aims to align state investment policies with political opposition to the Russian invasion of Ukraine and recent reports regarding Starlink satellite restrictions. By seeking these divestments, Senator Steinborn hopes to restrict state financial support for companies linked to specific geopolitical actions.
Senator Jeff Steinborn, representing District 36, submitted a formal review request to the New Mexico State Investment Council. The council must now determine the extent of state exposure to companies managed by Elon Musk and Russian-affiliated firms.
The players
Jeff Steinborn
Jeff Steinborn is a New Mexico state senator currently representing District 36.
New Mexico State Investment Council
The New Mexico State Investment Council is the state agency responsible for managing and investing public funds for the benefit of the state.
Elon Musk
Elon Musk is a prominent business leader and entrepreneur who controls several major technology and aerospace companies.
The details
In his letter, Senator Steinborn cited reports regarding the restriction of Starlink satellite communications used by Ukrainian forces as a primary justification for his demand. He is calling on the council to identify all current holdings and initiate a full divestment from the specified companies.
Timeline
Senator Jeff Steinborn submitted the request to the State Investment Council on October 22, 2026.
Market Dynamics
This request highlights the growing tension between New Mexico's state investment fiduciary standards and the use of public funds for politically sensitive holdings. It represents a potential shift toward ideological alignment in state portfolio management.
The potential divestment could lead to a restructuring of the state's investment portfolio, which may affect the long-term performance of pension or trust funds. Residents may see changes in how state-managed capital is allocated across different market sectors.
The takeaway
Public officials are increasingly scrutinizing how state investment portfolios interact with the geopolitical activities of private companies. Residents interested in state finance should monitor future council meetings where the disclosure and potential divestment of these assets will be debated.
Further reading
For more information on current state fiscal strategies, visit the New Mexico Investing section.
Source note: This article includes information reported by Los Alamos Daily Post.
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