Norway's sovereign wealth fund to vote against $1T Elon Musk pay package - UPI.com

Norway's Sovereign Wealth Fund to Reject Elon Musk's $1 Trillion Pay Package

Norway's sovereign wealth fund announced its intention to vote against the nearly $1 trillion compensation package proposed for Tesla CEO Elon Musk at the upcoming annual shareholder meeting.

Details of the Compensation Package

Elon Musk, with a net worth exceeding $400 billion, was set to receive a performance award valued at around $900 billion along with 432 million additional Tesla shares, representing approximately a 25% stake in the company. If approved, this would make Musk the world's first trillionaire, according to The Guardian.

Fund's Position and Concerns

Norges Bank Investment Management, which manages the world's largest sovereign wealth fund and holds about 1.14% of Tesla shares as the seventh-largest shareholder, plans to reject the proposal in Thursday’s vote.

"While we appreciate the significant value created under Mr. Musk's visionary role, we are concerned about the total size of the award, dilution and lack of mitigation of key person risk — consistent with our views on executive compensation."

The fund emphasized the importance of ongoing constructive dialogue with Tesla regarding this and other issues.

Tesla Board's Perspective

Robyn Denholm, Tesla's board chairwoman, warned last week that Musk could step down as CEO if shareholders reject his pay package.

Summary

The Norway sovereign wealth fund opposes Elon Musk’s enormous pay package due to concerns over its size, shareholder dilution, and risk concentration, signaling a critical test for Tesla’s leadership and governance.

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upi upi — 2025-11-04

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