Norway’s Wealth Fund Vote Is Latest Blow To Musk’s $1 Trillion Pay Package

In Brief

Norway’s sovereign wealthiness money has voted against a Tesla connection to springiness CEO Elon Musk a compensation package worthy $1 trillion.

The fund, which is managed by Norges Bank Investment Management, holds a 1.14% liking successful Tesla weighted astatine astir $11.7 billion, according to its mid-year filings successful June.

“While we admit nan important worth created nether Mr. Musk’s visionary role, we are concerned astir nan full size of nan award, dilution, and deficiency of mitigation of cardinal personification consequence — accordant pinch our views connected executive compensation,” nan money said successful a connection posted connected its website. “We will proceed to activity constructive speech pinch Tesla connected this and different topics.”

NBIM’s rejection whitethorn not beryllium capable to conclusion nan proposal. But it is nan latest hurdle successful Tesla’s lengthy run to sway shareholders to springiness Musk nan largest firm capacity salary package successful history. Advisory groups like ISS and Glass Lewis person besides recommended voting against nan salary package.

Musk has based on nan compensation package isn’t arsenic overmuch astir nan money arsenic it is astir control. The CEO precocious made that point during nan company’s third-quarter net telephone and has threatened to time off Tesla if the package isn’t approved.

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