Europe’s Largest Pension Fund Divests Tesla Over Musk’s Pay

Europe’s largest pension fund, Stichting Pensioenfonds ABP, sold its €571 million ($585 million) stake in Tesla Inc. during the third quarter of 2024, citing concerns over CEO Elon Musk’s pay package, Bloomberg News reported.

Poor working conditions at Tesla further influenced Stichting Pensioenfonds ABP's move. I Photo: Choinowski Wikimedia Commons

“We had a problem with Musk’s pay package,” a fund spokesperson said. ABP also considered investment costs, returns, and its responsible investment policy in the decision.

Dutch newspaper Het Financieele Dagblad reported that poor working conditions at Tesla further influenced the move.

In December, a Delaware judge struck down Musk’s record-breaking stock options package, initially worth $2.6 billion and later valued at $56 billion, despite shareholder approval. ABP had previously voted against the package in June, calling it “controversial and exceptionally high.”