Norway's Wealth Fund Will Vote Against Musk's $1T Pay Deal at Tesla

6 months ago

Norway’s sovereign wealth fund opposes Tesla’s $1 trillion compensation package for Elon Musk.
Norges Bank Investment Management cites concerns over the size of the award and key person risk.
The fund owns a 1.14% stake in Tesla and previously opposed Musk’s $56 billion pay package in 2024.
Other investors, including SOC Investment Group and state treasurers, also oppose the pay package.
Tesla’s board claims the package is necessary to retain Musk, who threatened to leave without a 25% voting stake.
Premarket trading saw Tesla’s stock drop 2.61% to $456.18.
Musk’s compensation is tied to Tesla reaching an $8.5 trillion market cap within 10 years.

Hasty Briefsbeta