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Europe’s top pension fund divests $585 million stake in Tesla
Europe’s largest pension fund, Stichting Pensioenfonds ABP, has sold off its entire stake in Tesla (NASDAQ:TSLA) Inc., valued at $585 million, during the third quarter. The decision was influenced by several factors, including a disagreement over CEO Elon Musk’s compensation package.
Stichting Pensioenfonds ABP spokesperson stated on Sunday that the fund had issues with Musk’s pay package. The decision to divest was also influenced by considerations of costs, returns, and responsible investment requirements.
The Dutch newspaper Het Financieele Dagblad originally reported the story, noting that ABP was also concerned about poor working conditions at Tesla.
In the previous month, a Delaware judge rejected Musk’s record-setting Tesla compensation package for the second time, despite shareholder approval and Musk’s request for reconsideration. Initially valued at $2.6 billion, the stock options package had surged to $56 billion by the time it was canceled by the judge.
ABP had expressed its disapproval of the compensation package in June, describing it as “controversial and exceptionally high.”
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