Norway's $2 Tln Wealth Fund Opposes Elon Musk's $1 Tln Tesla Pay Package

(RTTNews) - Norway's $2 trillion sovereign wealth fund announced that, in spite of management's advice and Musk's threats to resign if the deal is rejected, it will vote against Elon Musk's proposed $1 trillion compensation package at Tesla's next shareholder meeting.

Norges Bank Investment Management, which oversees the biggest sovereign wealth fund in the world and owns a 1.14 percent stake in Tesla valued at roughly $11.6 billion, stated that it has already voted against the proposal.

"We are concerned about the overall size of the award, dilution, and lack of mitigation of key person risk, even though we appreciate the significant value created under Mr. Musk's visionary role," NBIM stated.

Musk may receive close to $1 trillion in stock over the next ten years as part of a compensation package that the Tesla board is requesting shareholder approval for, subject to performance goals.

Activist organizations and prominent proxy advisers ISS and Glass Lewis have opposed the plan, and Musk has called detractors "corporate terrorists."