LAS CRUCES — State Senator Jeff Steinborn, a Democrat from Las Cruces, sent a formal request to the New Mexico State Investment Council on Oct. 22, demanding a thorough review of the state’s billions‑dollar portfolio. Steinborn wants the council to identify any investments tied to the Russian government, Russian‑owned businesses, or companies controlled by billionaire Elon Musk, including SpaceX, Tesla and xAI.
Four specific actions requested
In his letter, Steinborn outlined four steps he believes will protect New Mexico’s financial future and uphold the values of its citizens:
- Examine all holdings that involve Russia or support its military and halt any such investments.
- Identify and publicly disclose any direct or indirect investments in Musk‑controlled firms.
- Temporarily withdraw state money from those companies until Ukraine has unrestricted access to the Starlink satellite communications system.
- Provide a written response detailing the council’s current holdings and the actions it plans to take.
Steinborn emphasized that the request is not merely political; it is about ensuring that public funds are managed responsibly and align with the moral convictions of New Mexicans.
Why the focus on Musk and Russia?
Starlink, operated by SpaceX, has become a critical communications lifeline for Ukraine amid its war with Russia. Steinborn expressed deep concern after reports suggested that Musk may have intervened in decisions affecting Ukraine’s access to the service. “I am also deeply troubled by reports that Elon Musk, through his control of SpaceX and its Starlink satellite communications system, has intervened in decisions affecting Ukraine’s access to critical communications capabilities during this conflict,” Steinborn wrote.
While the council’s July 31, 2026, investment report listed roughly $74.6 billion in managed net assets across stocks, bonds, real estate and private businesses, it did not specifically name Tesla, SpaceX, xAI or any Russian‑linked entities in the searchable portion of the report. Steinborn noted that the lack of clear disclosure makes it difficult for New Mexicans to know whether their tax dollars are supporting companies whose actions may conflict with state values.
Balancing fiscal responsibility and values
The State Investment Council manages money derived largely from oil and gas production and state‑owned land. Those revenues are invested to fund public schools, early‑childhood programs, universities and other essential services. Steinborn argued that any investment decision must consider both sound financial returns and the ethical implications of supporting entities that could undermine a democratic ally.
He warned that selling holdings without careful analysis could jeopardize the fund’s ability to grow and support future generations. “New Mexico’s permanent funds represent the collective wealth of our citizens and an enduring commitment to future generations,” he wrote, underscoring the need for transparency before any divestment action.
Next steps and council response
Steinborn’s letter did not set a deadline for the council’s reply, and as of the filing date, the council had not indicated whether it will conduct a review or consider divestment. The senator’s request, however, places pressure on the council to provide clearer reporting through the Sunshine Portal and to address concerns from constituents who want their money invested in alignment with both fiscal prudence and moral standards.
For New Mexicans, the outcome of this inquiry could shape how billions of dollars are allocated in the years ahead, influencing everything from school funding to infrastructure projects. The request also reflects a broader trend of state legislators demanding greater accountability from public investment managers.
About the author
Damien Willis is the founder and editor of Organ Mountain News.
Original reporting: Organ Mountain News (Las Cruces / Doña Ana County) — read the source article.
