Europe's largest pension fund, ABP, has sold its entire €571 million ($585 million) stake in Tesla, Inc. (TSLA, Financial) during the third quarter. The decision was driven in part by disagreements over CEO Elon Musk's compensation package, described as problematic by an ABP spokesperson.
The Dutch Daily Financial Newspaper initially reported this story, also highlighting poor working conditions as another factor for ABP's divestment from Tesla. The decision to sell was based on considerations of cost, returns, and responsible investment standards.
Last month, a Delaware judge rejected Musk’s record-breaking compensation package for Tesla once again. Originally valued at $2.6 billion, the stock option package surged to $56 billion at the time of the judge's decision. In June, ABP had voted against this compensation, labeling it as "controversial and exceptionally high."
