Europe's largest pension fund, Stichting Pensioenfonds ABP, has sold its entire holding of Tesla (TSLA, Financial) shares, valued at €571 million ($585 million), during the third quarter. The decision stemmed partly from disagreements over Elon Musk's compensation package.
A spokesperson for ABP stated that the fund had objections to Musk's pay structure. Additionally, factors like costs, returns, and responsible investment considerations influenced the decision to divest. The Dutch media also highlighted poor working conditions at the company as a contributing reason for the sale.
Elon Musk's record-breaking compensation package at Tesla faced renewed scrutiny last month. A Delaware judge dismissed Musk's request to reconsider the package, despite shareholder support. Initially valued at $2.6 billion, the stock option plan surged to $56 billion before the judge's annulment. ABP voted against Musk's controversial and extensive pay scheme in June, criticizing its high compensation levels.
