Norway’s Wealth Fund to Reject Elon Musk’s $1 Trillion Tesla Pay Package
In a significant move, Norway’s $2 trillion sovereign wealth fund announced its opposition to Elon Musk’s pay package at Tesla’s upcoming shareholder meeting. Norges Bank Investment Management (NBIM), the world’s largest sovereign wealth fund and a major Tesla shareholder, cited concerns over the award’s size, dilution, and lack of key person risk mitigation as the reasons for its vote. Despite acknowledging the value created under Musk’s leadership, NBIM, which holds a 1.14% stake valued at $11.6 billion, voted against the deal. The fund’s managers have also expressed interest in continuing constructive dialogue with Tesla.
John Q. Hosedrinker