World News@lemmy.worldEnglish · 2 days ago

Why one of Europe's largest pension funds sold its entire $585 million stake in Tesla

www.businessinsider.com

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Why one of Europe's largest pension funds sold its entire $585 million stake in Tesla

www.businessinsider.com

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World News@lemmy.worldEnglish · 2 days ago

A Dutch pension fund sold its entire stake in Tesla, reportedly worth $585 million

www.businessinsider.com

A Dutch pension fund sold its stake in Tesla because it disapproved of Elon Musk's pay package and the company's working conditions, a report says.

Summary

Dutch pension fund Stichting Pensioenfonds ABP sold its $585 million Tesla stake over concerns about Elon Musk’s “controversial and exceptionally high” pay package and unspecified labor conditions.

ABP previously voted against Musk’s performance-based compensation, which has faced shareholder lawsuits and judicial scrutiny.

A Delaware judge recently invalidated the pay package, citing insufficient shareholder approval.

While Tesla’s Model Y remains popular in the Netherlands, European sales fell 15% in 2024.

ABP stated the divestment was not politically motivated despite Musk’s ties to the Trump administration.

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