US Stock Market Move | Europe's largest pension fund ABP has cleared its holdings in Tesla, Inc. (TSLA.US), causing a 3% drop in the stock price before the market opens.

On Monday, Tesla, Inc. (TSLA.US) stock fell 3% in premarket trading to $382.81. In terms of news, Europe's largest pension fund ABP revealed that it had sold its entire 571 million euro stake in Tesla, Inc. in the third quarter of last year, partly due to disagreements over Elon Musk's compensation package. In June of last year, ABP had voted against Musk's controversial compensation package valued at over $50 billion, citing it as "controversial and excessive."