World’s richest man Elon Musk (Elon MuskDue to disagreement over the package of Tesla, one of its major shareholders has sold his entire stake in Tesla. Europe’s largest pension fund Stichting Pensioenfonds ABP sold its entire stake in electronic vehicle (EV) company Tesla for 571 million pounds ($585 million). A spokesperson for the pension fund said on Sunday that it had a problem with Elon Musk’s pay package. The information about this stake sale was first given by a Dutch newspaper Het Financieele Dagblad. In this, apart from the salary package of Elon Musk, some other reasons behind this sale were also revealed.
Why did Europe’s largest pension fund sell its entire stake in Tesla?
A spokesperson for the pension fund said on Sunday that Stichting Pensioenfonds ABP had not agreed to Elon Musk’s pay package. The fund takes into account costs, returns and investment needs before making its investments. However, the Dutch newspaper has revealed another reason and claims that the pension fund has sold its entire stake due to Tesla’s poor working conditions.
Controversy arose over how many packages of Elon Musk?
Last month, Elon Musk’s record-breaking pay package at Tesla was again struck down by a Delaware judge. However, shareholders supported it and Musk requested the judge to reconsider the decision. The stock options package was initially worth $260 crore, which had jumped to $5600 crore by the time the judge canceled it. In June, ABP voted against the salary package, calling it too high.