Stichting Pensioenfonds ABP, Europe's biggest pension fund, has sold its entire USD 585 million stake in Tesla, citing concerns about Elon Musk's compensation package and reports of poor working conditions at the company. ABP voted against Musk's USD 56 billion pay package, calling it 'controversial and exceptionally high'. The fund also considered costs, return and responsible investment requirements in its decision.
Europe’s largest pension fund divests its USD 585 million stake in Tesla , citing concerns over Elon Musk ’s pay package and poor working conditions.Europe’s largest pension fund Stichting Pensioenfonds ABP has sold its entire EUR 571 million stake in Tesla Inc in the third quarter, partly due to disagreement with Elon Musk ’s compensation package., the article stated that poor working conditions at the company were among ABP’s reasons for selling its stake in Tesla .
The result sees Stichting Pensioenfonds ABP missing out on future gains and all-time highs hit after the 2024 election. The stock options package was initially worth USD 2.6 billion, and spiked to USD 56 billion by the time the judge cancelled it. As it stands, Tesla is worth about USD 1.27 trillion and its stock has risen about 74 percent in the past year. According tobeen declining in Europe.
Twitter’s Rebranding Cements Elon Musk’s Legacy As One Of The Most Influential Tech Magnates Of All Time Similarly, the rise of Chinese automakers like BYD and NIO poses a direct threat to Tesla’s market share in Asia. These brands offer similar tech at more competitive prices, and in many cases, they outperform Tesla on range and features.
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