Tesla’s $1T Pay Plan for Musk Rejected by Top Shareholder

A top shareholder in Tesla, Norway’s sovereign wealth fund, has officially rejected the $1 trillion pay package proposed for CEO Elon Musk.
The fund, which is the seventh-largest investor with a $17 billion stake, said it will vote “no” at the upcoming shareholder meeting.
In its explanation, the fund acknowledged Musk’s “visionary role” but stated it was “concerned about the total size of the award.” It also flagged “dilution” and “key person risk” as major issues.
This is the second time the Norwegian fund has opposed a massive payout for Musk. It also voted against his $56 billion package last year, a deal that was approved by shareholders but later rejected by a Delaware court.
The fund’s opposition is shared by influential advisory groups Glass Lewis and ISS, and other large pension funds, setting the stage for a dramatic vote on Thursday.