“Too Large”: Norway’s Wealth Fund Rejects $1T Musk Award

Norway’s sovereign wealth fund, one of the world’s most influential investors, has deemed Elon Musk’s proposed $1 trillion pay package “too large” and will vote against it.
The fund, which holds a $17 billion stake in Tesla, making it the seventh-largest shareholder, released a statement ahead of the company’s annual meeting. It cited concerns over the “total size,” “dilution,” and “key person risk” associated with the unprecedented award.
This decision puts the fund in direct conflict with Tesla’s board. Chair Robyn Denholm has argued that the package, which would make Musk the world’s first trillionaire, is essential to keep the 54-year-old CEO focused and committed to the company.
This is the second time the Norwegian fund has taken a stand against Musk’s pay. It also opposed a $56 billion package last year. That deal was later invalidated by a Delaware court, prompting the board to put this new, larger deal to a vote.
The fund’s opposition is shared by several other major institutions. Shareholder advisory groups ISS and Glass Lewis, along with the California Public Employees’ Retirement System (CalPERS), have all recommended rejecting the proposal.