Norway’s wealth fund vote is latest blow to Musk’s $1 trillion pay package

Norway’s sovereign wealth fund has voted against a proposal by Tesla to give CEO Elon Musk a compensation package worth $1 trillion.

The fund, managed by Norges Bank Investment Management, holds a 1.14% stake in Tesla worth about $11.7 billion. Mid-year filing In June

“While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of awards, dilution and lack of key person risk mitigation — consistent with our views on executive compensation,” the fund said in a statement. Posted on his website. “We will continue to have constructive discussions with Tesla on these and other issues.”

NBIM’s rejection may not be enough to defeat the proposal. But it’s the latest setback in Tesla’s long campaign to sway shareholders to give Musk the largest corporate performance pay package in history. Advisory Group ISS and Glass also recommended voting against pay packages like Lewis.

Musk argued that the compensation package wasn’t about money as much as it was about control. Recently CEO That point made During the company’s third-quarter earnings call and threatened to leave Tesla if the package wasn’t approved.