Nearly two dozen New York lawmakers are calling for the state to begin divesting from Tesla stock.

They sent a letter to New York State Comptroller Thomas DiNapoli asking him to get rid of Tesla shares owned by the state pension fund.

This comes after recent reports showed Tesla shares declined by nearly 30% last month. In addition, Tesla's fourth-quarter profits for last year dropped more than 70% from the nearly $8 billion it earned during the same period in 2023.

"New York’s pension fund is one of the best-managed in the nation, and we must ensure that it remains financially sound for the more than one million retirees and beneficiaries who depend on it,” said State Sen. Patricia Fahy (D - Albany). “Given Tesla’s ongoing volatility and significant profit decline, we should seriously evaluate the risks of continued investment and its impact on the pension fund’s stability. Beginning to responsibly divest from Tesla is a prudent step to protect the long-term stability of the fund and ensure that we are making responsible financial decisions on behalf of New York’s public employees and retirees and financial future."

It's been more than 10 years since the state invested nearly $1 billion to build Tesla's solar panel factory in South Buffalo. In a company-wide round of layoffs, Tesla cut 285 jobs at the Riverbend site last spring.