Norway’s Fund Rejects $1T Musk Payout, Citing “Consistent Views” on Pay

Norway’s sovereign wealth fund will vote against Elon Musk’s $1 trillion pay deal, stating the move is “consistent with our views on executive compensation.”
The fund, a top-ten Tesla shareholder with a $17 billion stake, elaborated that it is “concerned about the total size of the award.” It also flagged “dilution” and the “lack of mitigation of key person risk” as key factors in its decision.
This vote comes just two days before Tesla’s annual shareholder meeting, where the unprecedented package will be put to a vote. If approved, it could make Musk the world’s first trillionaire, pushing his net worth over $2 trillion.
The fund’s stance aligns it with powerful advisory groups Glass Lewis and ISS, which have both recommended rejection. This creates a significant challenge for Tesla’s chair, Robyn Denholm, who has argued the deal is essential to retain Musk.
This is the second time the Norwegian fund has opposed a massive deal for Musk. It also voted against the $56 billion package that was later voided by a Delaware court, demonstrating its “consistent” approach to governance.