Europe’s largest pension fund, Stichting Pensioenfonds ABP, sold its stake in Elon Musk’s Tesla for $585 million in the third quarter of 2024. One of the reasons for this decision was the fund’s disagreement with the size of the billionaire’s pay package, an ABP Bloomberg representative said.
Author:
https://rb.ru/author/lipchanskaya-anastasiya/
Subscribe to RB.RU on Telegram
He noted that the fund “had problems” with the businessman’s remuneration package. ABP also considered factors such as costs, return on investment and responsible investment requirements when deciding whether to sell Tesla shares.
Dutch newspaper Het Financieele Dagblad wrote that the fund sold its stake, among other things, due to poor working conditions at Tesla.
Previously, a court in the US state of Delaware again voided Musk’s record $56 billion payout package, despite support from Tesla shareholders and the billionaire’s request to reconsider the decision. ABP voted against the package, calling it “controversial and exceptionally high.”
In November 2024, Business Insider reported that it had gained access to Tesla’s internal salary database with data on nearly 100,000 employees. Statistics show that the company offers salaries below the market average, but with the possibility of receiving an impressive block of shares, the publication states.
In December, Bloomberg, which creates its own “Bloomberg Billionaires Index,” declared Musk the first person in the world with a fortune of more than $400 billion. On January 13, 2025, it was $426 billion.
Author:
Anastasia Lipchanskaya
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
