The same major investor that Elon Musk personally snubbed last year is now moving to reject his new $1 trillion pay package.
Norway’s sovereign wealth fund, Tesla’s seventh-largest shareholder, will vote “no.” This follows its “no” vote on a $56 billion deal last year. After that vote, Musk declined a dinner invitation from the fund’s CEO, Nicolai Tangen, reportedly texting that Tangen should not ask him for favors after declining one himself.
Now, the fund is again declining a “favor,” citing “consistent views on executive compensation.” It stated it is “concerned about the total size” of the $1 trillion award.
The package would make Musk the world’s first trillionaire if Tesla’s valuation hits $8.5 trillion. The Tesla board argues this is necessary to retain the 54-year-old CEO.
However, the Norwegian fund joins a powerful bloc of opposition, including advisory firms Glass Lewis and ISS, and the largest US public pension fund, CalPERS.
