Europe’s largest pension fund sold Tesla stake over Musk’s pay
Published On Jan 12, 2025, 3:43 PM
Europe’s largest pension fund, Stichting Pensioenfonds ABP, sold its entire stake in Tesla for approximately €571 million ($585 million). The decision was influenced by disagreements with CEO Elon Musk's remuneration package and concerns about the company's operational practices, including poor working conditions. This comes after a Delaware judge rejected Musk's substantial pay package, despite shareholder support for it. ABP had previously voted against the compensation due to its 'controversial and exceptionally high' nature.
Stock Forecasts
TSLA
Negative
The sale of Tesla shares by a major institutional investor like ABP can signal a lack of confidence in the company, particularly regarding governance issues tied to executive compensation. This might contribute to negative sentiment towards Tesla stock.
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