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Norway wealth fund to vote against Elon Musk's $56 billion Tesla pay package

Economic Times · 12m

Norway's sovereign wealth fund, which is Tesla's eighth-largest shareholder, has announced that it will vote against ratifying Elon Musk's $56 billion pay package. The fund had previously voted against the package in 2018, which was later invalidated by a judge. While the fund acknowledges the value generated under Musk's leadership, it raises concerns about the size of the award, performance triggers, dilution, and key person risk. Furthermore, the fund plans to vote in favor of a proposal calling on Tesla to adopt a freedom of association and collective bargaining policy.