Tesla has major investor sell $585,000,000 of shares because of Elon Musk
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A major Tesla investor has sold its entire stake after CEO Elon Musk attempted to wangle himself a record-breaking pay package.
Entrepreneur Musk is the world's richest man, with a net worth of more than $400 billion, as per Forbes.
But in 2018, Tesla shareholders initially voted to approve a record-breaking $56 billion pay package for him.
The deal would've allowed Musk to buy a maximum of 304 shares for $23.34, on the condition that he met certain performance goals.
For context, Tesla now shares trade at a rate of $403 each.
(Elon Musk in 2000 (Pauline Lubens/MediaNews Group/The Mercury News via Getty Images)
Despite the majority of shareholders approving the pay deal, one investor filed a suit which claimed that the board had been misleading and that the pay package was unfair.
The proposed pay package angered investors, so much so that one Dutch company got rid of all $585 million worth of its shares in the electric vehicle company.
Stichting Pensioenfonds ABP - one of Europe's largest pension funds - sold its entire 2.8 million shares in September, valued at the time at $585 million, according to Bloomberg.
In a statement to the NL Times, an ABP spokesperson said 'we cannot and do not need to invest in everything,' adding that Musk's pay deal was 'by no means the only reason' for the divestment.
The Tesla CEO ruffled feathers with his $56 million pay package proposal (Christian Marquardt - Pool/Getty Images)
ABP's Tesla investment was only worth around a tenth of its other US company holdings, Fortune reported.
The publication claims ABP 'owned €5.6 billion' in technology company Nvidia at the end of September.
Meanwhile, its investments in Microsoft and Apple were even larger at €6.0 billion and €6.3 billion respectively.
Ref: Tesla has major investor sell $585,000,000 of shares because of Elon Musk
Photo Credit- Christian Marquardt-Pool/ Getty Images, Pauline Lubens/ MediaNews Group
