Market Analysis

Europe’s Largest Pension Fund Dumps Tesla Stake Over Musk’s Pay Dispute

Amos Simanungkalit · 13 Jan33.5K Views

Image Credit: MSN.com

Europe's largest pension fund, Stichting Pensioenfonds ABP, sold its entire €571 million ($585 million) stake in Tesla Inc. during the third quarter, citing disagreements with Elon Musk's compensation plan.

A spokesperson for ABP explained that they had issues with Musk's pay package and also took into account factors like costs, returns, and responsible investment requirements when making the decision.

The news was initially reported by Dutch newspaper Het Financieele Dagblad, which also mentioned poor working conditions at Tesla as another reason behind the move. ABP had previously voted against Musk's pay package in June, calling it "controversial and exceptionally high.

" This came after a Delaware judge struck down Musk's record-breaking pay package, which had initially been valued at $2.6 billion but grew to $56 billion before it was canceled.

Paraphrasing text from "Reuters" all rights reserved by the original author.

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