EU's largest pension fund sells Tesla shares over Musk's bonus dispute

News Department
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The Netherlands' Stichting Pensioenfonds ABP, the European Union's largest pension fund and the second-largest in Europe after Norway's Government Pension Fund Global, has sold all its shares in Tesla due to Elon Musk's ongoing pursuit of bonus compensation.

Report informs via Bloomberg that the fund's stake in the company was valued at €571 million ($620 million).

A representative of the fund explained that the decision to sell the shares also took into account costs, returns, and responsible investment requirements.

In 2018, Elon Musk signed an agreement with Tesla that would grant him 1% of the company's shares for every $50 billion in market capitalization, starting from the moment the company's value reached $100 billion. However, in January 2024, the Delaware Court of Chancery blocked the payment of a $55.8 billion bonus to Musk, deeming the amount "unimaginable."

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