Elon Musk’s $1T Pay Plan Opposed by Major European Fund

A major European investor, Norway’s sovereign wealth fund, has announced its opposition to Elon Musk’s $1 trillion pay plan, striking a significant blow against the proposal.
The fund, which is the world’s largest and Tesla’s seventh-biggest shareholder with a $17 billion stake, will vote “no” at the upcoming annual meeting.
In a statement, the fund said it was “concerned about the total size of the award.” It also pointed to the “dilution” it would cause for other investors and the “key person risk” associated with the deal.
This is not the first time the fund has opposed Musk’s pay. It also voted against a $56 billion package last year. That deal was later invalidated by a Delaware court, prompting this new vote.
The fund’s “no” vote aligns it with other major critics, including the California Public Employees’ Retirement System (CalPERS) and the two most influential shareholder advisory firms, Glass Lewis and ISS.