Tesla’s 7th Largest Shareholder, Norway’s Fund, Rejects $1T Musk Plan

In a major blow to the Tesla board, the company’s seventh-largest shareholder, Norway’s sovereign wealth fund, has rejected Elon Musk’s $1 trillion pay plan.
The fund, which holds a $17 billion stake, announced its “no” vote just days before the annual shareholder meeting.
The fund’s reasoning was based on core governance principles. It stated it was “concerned about the total size of the award, dilution and lack of mitigation of key person risk.”
This is the second time the fund has taken this stand. It also voted against Musk’s $56 billion package last year. That conflict culminated in Musk declining a dinner invitation from the fund’s CEO, Nicolai Tangen, with the text, “Friends are as friends do.”
The fund’s renewed opposition, combined with “no” recommendations from Glass Lewis and ISS, puts the $1 trillion proposal in serious jeopardy.