Summary
Dutch pension fund Stichting Pensioenfonds ABP sold its $585 million Tesla stake over concerns about Elon Musk’s “controversial and exceptionally high” pay package and unspecified labor conditions.
ABP previously voted against Musk’s performance-based compensation, which has faced shareholder lawsuits and judicial scrutiny.
A Delaware judge recently invalidated the pay package, citing insufficient shareholder approval.
While Tesla’s Model Y remains popular in the Netherlands, European sales fell 15% in 2024.
ABP stated the divestment was not politically motivated despite Musk’s ties to the Trump administration.
There’s only one way the valuation can go, down.
They make luxury cars in an economy that seems to be heading for a recession in a political climate full of people who would rather roll coal than buy an ev, and the pro-ev people have been completely alienated by the guy’s politics.
The writing is on the wall, it’s just a matter of time before people see it. Dumpy may give the guy a pile of cash, but odds are that would be through SpaceX or another business, not Tesla.