Europe’s largest pension fund sold Tesla stake over Musk’s pay

Europe’s largest pension fund just dropped Tesla. ABP sold its entire $5.85B stake, citing concerns.Stichting Pensioenfonds ABP, Europe’s largest pension fund, has divested its entire €571 million ($5.85 billion) stake in Tesla. The reason? Concerns over CEO Elon Musk’s compensation package.Leaders say the decision, made in the third quarter of 2024, was based on a combination of financial, ethical, and responsible investment factors. ABP had previously voiced opposition to Musk’s record-breaking stock option package, which a Delaware judge recently rejected despite shareholder support. The fund also pointed to poor working conditions at Tesla as another reason for the exit, according to Dutch media reports.Musk’s controversial compensation package, initially valued at $2.6 billion and later soaring to $56 billion, has faced scrutiny from regulators and stakeholders alike.

Europe’s largest pension fund sold its entire €571 million ($585 million) stake in Tesla Inc. in the third quarter partly due to disagreement with Elon Musk’s remuneration package.