ABP, a major Dutch pension fund, sold its Tesla shares due to concerns over Musk’s pay and working conditions
ABP had about 2.8 million shares, worth around $585 million, but they decided to pull the plug last month. They called Musk’s pay package “controversial and exceptionally high.”
In June, ABP even voted against Musk’s compensation plan, which they thought was way too much. They said they don’t have to invest in everything, and this wasn’t a political move.
Musk has been known to support Trump, which might have raised some eyebrows. Back in 2018, there was a lot of drama over Musk’s pay, with a lawsuit claiming he influenced the board’s decision.
Recently, a judge ruled against Musk’s pay package again, saying the shareholder vote in June wasn’t enough to approve it.
Even though Tesla’s Model Y was the top-selling car in the Netherlands this year, overall sales for Tesla in Europe have dropped by over 15% compared to last year. Tesla’s stock has been doing well, though, rising about 74% in the past year. The company didn’t comment on the situation.
