Europe’s largest pension fund ABP from the Netherlands has its entire stake in Tesla sold – this involved 2.8 million shares worth 571 million euros. The reason for the step, which took place in September last year, was a debate about a billion-dollar salary package for Tesla’s boss Elon Musk (53), as the Dutch newspapers “Het Financieele Dagblad
” and “NL Times
“ now report.
Musk’s bonuses had already been set for specific goals in 2018. However, due to the increase in the value of Tesla shares in recent years, the value of the compensation package has increased from originally just under $2.6 billion to now $56 billion.
A court in the US state of Delaware then banned the pact from being paid out in January 2024. The reason for this was that Musk had too much influence in the background during the negotiations, while at the same time the shareholders were left in the dark about these entanglements.
Tesla shareholders then voted again in June 2024 and the majority voted for CEO Musk to receive his bonuses. In December, however, the responsible judge Kathaleen McCormick (45) stopped the salary package again, against this ruling Musk and Tesla recently wanted to appeal.
Pension fund ABP voted against Musk’s salary package
The Stichting Pensioenfonds ABP voted against paying out the package in the shareholder vote in June, describing it as “controversial and exceptionally high”. A spokesman for the fund now explained the sale of Tesla shares to the “NL Times”: “We cannot and do not have to invest in everything.” In addition to the debate about the $56 billion package for Musk, they also had a say in the decision Working conditions at the electric car manufacturer played a role. However, the sale was not politically motivated, said the spokesman.
Since the sale in September, the value of Tesla shares has increased by more than 50 percent, but ABP does not regret its decision. “We are long-term investors,” explained the fund spokesman.