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

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The Dutch pension fund ABP has taken a drastic step: the major investor sold all of its Tesla shares. This meant that ABP missed out on millions in profits because Tesla rose sharply in value after Trump's re-election.

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Faced with the controversies aroused by Elon Musk's remuneration, a Dutch pension fund sold its 571 million euro stake in the car firm.

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Dutch pension fund ABP has sold its 2.8 million Tesla shares. The main reason for this is Tesla CEO Elon Musk's multi-billion dollar compensation package. There are also concerns about working conditions.

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The Dutch Stichting Pensioenfonds ABP, considered the largest pension fund in Europe – and one of the five largest in the world – sold its entire Tesla share package worth 571 million euros in the third quarter of last year, Bloomberg reports. The Dutch pension fund, which has about 3 million members, decided to do so primarily because of Elon Musk’s compensation. A spokesperson for the pension fund confirmed that they found the stock option bon…

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The decision is not political, the spokesman said. The Dutch fund voted no to Elon Musk's unprecedentedly large pay package this summer.