Europe’s largest pension fund sold its $585 million stake in Tesla Inc. during the third quarter, citing a disagreement with Elon Musk’s remuneration package. A spokesperson for the fund stated that Musk's pay was a major issue in the decision. Additional factors in the sale included cost concerns, return considerations, and responsible investment requirements. The news also mentioned poor working conditions at Tesla as another reason for ABP’s decision. Last month, a Delaware judge overturned Musk’s controversial pay package, which had soared from $2.6 billion to $56 billion before being canceled. ABP had voted against the package in June, calling it exceptionally high.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Europe's largest pension fund sold its $585 million stake in Tesla during the third quarter,
00:08citing a disagreement with Elon Musk's remuneration package.
00:11A spokesman for the fund stated that Musk's pay was a major issue in the decision.
00:15Additional factors in the sale included cost concerns,
00:18return considerations, and responsible investment requirements.
00:22The news also mentioned poor working condition at Tesla and another reason for ABP's decision.
00:28Last month, the Delaware judge overturned Musk's controversial pay package,
00:31which had soared from $2.6 billion to $56 billion before being cancelled.
00:37ABP had voted against the package in June, calling it exceptionally high.