Europe’s Largest Pension Fund Divests Tesla Stake Over Musk’s Pay and Labor Concerns

ABP sold its $585 million Tesla holding in Q3 2024, citing issues with Elon Musk's $56 billion pay package and workplace conditions.

Stichting Pensioenfonds ABP, Europe’s largest public pension fund, sold its entire Tesla stake during the third quarter of 2024, valued at $585 million at the time.
The fund opposed Elon Musk’s controversial $56 billion pay package, which was struck down by a judge in December despite shareholder approval in June.
Concerns over Tesla’s workplace conditions and broader investment criteria also influenced ABP’s decision to divest.
The sale occurred before Tesla's stock hit record highs in December, doubling in value after the U.S. election results.
ABP emphasized that the decision was not politically motivated and reflected its long-term investment strategy and fiduciary principles.