The largest pension fund in Europe sold all its Tesla shares.

ABP sold all its Tesla shares for 571 million euros

The largest pension fund in Europe, ABP, based in the Netherlands, sold all its Tesla shares worth 571 million euros in the third quarter of 2024.

According to Bloomberg, part of the reason was disagreement with Elon Musk's compensation package as CEO of the company. According to a fund representative, ABP 'had issues' with this matter, reports Ekonomichna Pravda.

In addition, the fund considered aspects of costs, profitability, and standards of responsible investing.

The Dutch newspaper Het Financieele Dagblad also reported that among the reasons was dissatisfaction with the working conditions at the company.

In December, a Delaware court nullified Musk's record compensation package at Tesla. The initial value of the stock options that formed the basis of this package was estimated at $2.6 billion but rose to $56 billion before being overturned by the court's decision.

Tesla called the court's decision erroneous and promised to appeal. Elon Musk stated in his microblog on platform X that 'control over the votes of the company should be exercised by the shareholders, not the judges.' The appeal process could take more than a year.

Back in June 2024, ABP voted against this compensation package, considering it 'controversial and excessively high.'