Dutch civil worker pension fund Stichting Pensioenfonds ABP is selling its entire stake in Tesla Inc., according to a report by Business Insider.
The investment organization sold 2.8 million shares in the electric vehicle manufacturer last September. A separate report by Bloomberg indicated ABP’s Tesla stake was valued at approximately US$585 million.
Read: Shareholders approve Elon Musk’s Tesla pay package, despite objection by institutional investors
The investment decision is reportedly connected with a landmark $56 billion compensation package for chief executive officer Elon Musk. The compensation plan was originally approved in 2018 but was held back due to a shareholder lawsuit.
Originally blocked in January 2024 by Delaware judge Chancellor Kathaleen McCormick of the Court of Chancery, the same judge reiterated her decision to stop the compensation package in December, despite shareholders voting in favour of it last June. Following the ruling, Tesla issued a statement on X indicating it would appeal the “wrong” ruling.
A pension spokesperson told NL Times the investment organization “cannot and do not need to invest in everything.” They also clarified the divestment in Tesla wasn’t motivated by Musk’s political activities in the U.S.
As part of its inaugural stewardship report, the British Columbia Investment Management Corp. confirmed it voted against Musk’s compensation package last year.
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