Written by Cláudio Afonso | LinkedIn | X
Europe’s largest pension fund ABP sold its stake in Tesla in September, citing concerns over CEO Elon Musk’s €56 billion remuneration package and poor working conditions at the company.
Managing €540 billion ($556 billion) in assets, ABP ranks among the largest pension funds globally.
At the end of 2023, the fund held 2.8 million Tesla shares valued at €782 million ($801 million) and sold its position after voting against Musk’s pay package at Tesla’s annual general meeting in June, denying any connection to the Tesla CEO’s role in U.S. politics.
“Ultimately, ABP voted against the proposal, but the compensation package was approved by a majority of shareholders,” the fund said.
In September, when ABP exited its position in Tesla, the stock was trading at approximately $230. On December 18, Tesla shares reached a record high of over $488 — more than double their value at the time of the fund’s sale.
According to Fintel, Tesla has currently 4,478 institutional shareholders holding a total of more than 1.65 billion shares.
Tesla unveiled last week its highly anticipated refreshed Model Y, with deliveries starting in China in March. Prices for the new Model Y start at 263,500 yuan ($35,900), a 5.4% increase over the previous version, Tesla’s China website showed.
Tesla delivered 495,570 vehicles in the last quarter of 2024, setting a new record. Despite the new quarterly high, Tesla’s 2024 deliveries stood at 1,789,226, down 1% from the 1.81 million units delivered in 2023.
Written by Cláudio Afonso | LinkedIn | X
