Tesla just took a major hit! It was caught in a massive sell-off by the big players.

【Lead】Europe's largest pension fund, ABP, has sold its entire stake in Tesla, worth 571 million euros (Rmb4.279 billion), due to issues with Musk's pay package and other factors.

On January 13, several media reports indicated that ABP, Europe's largest pension fund, had announced the sale of its entire Tesla shares, totaling 571 million euros.

ABP's decision to sell its shares was reportedly influenced by its lack of approval for Musk's pay package.

On Sunday, a spokesperson for ABP stated that Musk's pay package "had problems". The fund also considered investment requirements in terms of cost, return, and responsibility when making its decision.

Musk's pay issue was a crucial factor in ABP's assessment of Tesla's development prospects. Last June, ABP had voted against Musk's pay package, calling it "controversial and too high".

Despite the support of shareholders and Musk's request for the judge to reconsider, Musk's record-breaking Tesla pay package was again rejected by a judge in Delaware. The stock option package was originally valued at US$2.6 billion, and soared to US$56 billion when the judge canceled it.

Following the news, Tesla's pre-market stock price experienced significant fluctuations. As of 17:30 Beijing time, Tesla's pre-market stock price had fallen 3.09%.

As of the time of this article's publication, Tesla has not made a formal response to the pension fund's sale of its shares.

Author: Captain