Las Cruces senator seeks disclosure of state holdings and divestment from Musk-controlled companies over concerns about Ukraine's access to Starlink

Damien Willis, Organ Mountain News

LAS CRUCES - State Sen. Jeff Steinborn wants New Mexico to take a closer look at where it invests billions of dollars in public money, including whether any of that money supports Russia or companies controlled by billionaire Elon Musk.

In a letter dated Thursday, Oct. 22, Steinborn, D-Las Cruces, asked the New Mexico State Investment Council to review its investments, disclose any holdings in Musk's companies and consider pulling money out of businesses he believes could harm Ukraine's ability to defend itself against Russia.

Steinborn, a member of the Senate Finance Committee, specifically named Musk-controlled companies SpaceX, Tesla and xAI.

His request raises a larger question: Do New Mexicans know exactly where their public money is invested?

What Steinborn wants the state to do

Steinborn made four requests in his letter.

First, he wants the council to examine all investments tied to Russia, including those involving the Russian government, Russian-owned businesses or companies that provide important support to Russia's military.

He wants the state to stop making those investments.

Second, Steinborn wants the council to identify and disclose any money invested in companies controlled by Musk.

That includes money invested directly in a company, such as buying its stock, and money invested indirectly through outside investment firms.

Third, he wants New Mexico to pull its investments out of Musk-controlled companies until Ukraine has full, unrestricted access to Starlink, the satellite internet and communications system operated by SpaceX.

Finally, Steinborn wants the council to provide a written response explaining what investments the state holds and what action it plans to take.

The letter does not establish whether New Mexico currently has investments in any of the companies or Russian-linked businesses Steinborn named.

Why Starlink matters

Starlink provides internet and communications services using satellites in space.

The system has been important to Ukraine during its war with Russia, helping people and military forces communicate even when other communications systems have been damaged or destroyed.

Steinborn said he is concerned about reports that Musk has influenced decisions affecting Ukraine's access to Starlink.

“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.

He acknowledged that the details surrounding those decisions deserve further review.

Still, he believes New Mexico should not invest public money in companies whose actions could weaken Ukraine's defense.

In his letter, Steinborn said the state's investments should reflect both sound financial decisions and the values of New Mexicans.

Where does New Mexico's investment money go?

The New Mexico State Investment Council manages public money on behalf of the state.

Much of that money comes from oil and gas production and the use of state-owned land.

Rather than spending all of that revenue immediately, New Mexico invests much of it to help pay for public services today and in the future.

The investments help support public schools, early childhood education, universities and other state programs.

According to the council's July 31, 2026, investment report, the state had approximately $74.6 billion in managed net assets.

That's money invested across many different types of accounts, including stocks, bonds, real estate and private businesses.

But finding out exactly which companies receive that money is not always simple.

What the public records show — and don't show

New Mexico publishes investment information through its Sunshine Portal, a state website designed to help the public see how government money is managed.

The State Investment Council also publishes investment holdings reports.

Those reports show how much money the state has invested in different types of accounts and identify many of the firms hired to manage those investments.

But they don't always show every company whose stock or other investments are held within those accounts.

For example, New Mexico may invest money in a fund that owns shares in hundreds of businesses.

The state's report might name the fund without listing every company whose shares it owns.

That can make it difficult for a member of the public to determine whether state money is invested in a particular business.

Organ Mountain News reviewed the council's July 2026 holdings report and did not find Tesla, SpaceX, xAI or Russia named in the searchable information.

That does not mean New Mexico has no investments connected to those companies or Russia.

It means the report did not provide a clear answer to that question.

And that's one of the things Steinborn wants the council to explain.

What happens next?

Steinborn is asking the State Investment Council to disclose its investments and consider restrictions on certain companies.

Those are two different decisions.

Identifying where public money is invested would help residents understand the state's holdings.

Selling investments, however, would require the council to consider its responsibility to protect and grow the funds it manages.

Those funds help pay for public services, so investment decisions can affect New Mexico's finances for years to come.

Steinborn argues that the state must also consider whether its investments support actions that conflict with its values.

“New Mexico's permanent funds represent the collective wealth of our citizens and an enduring commitment to future generations,” he wrote.

The senator did not set a deadline for the council to respond.

As of Thursday, the letter did not indicate that the council had agreed to review or sell any investments.

For now, the question remains whether New Mexico has public money invested in the companies Steinborn has identified — and whether state officials believe those investments should continue.

Damien Willis is founder and editor of Organ Mountain News. If you have a personal story to share or a lead we should follow up on, reach out at OrganMountainNews@gmail.com or connect with him on X at @damienwillis.