Norway’s $17bn Stake Votes ‘No’ on Musk’s $1 Trillion Payday

Norway’s massive sovereign wealth fund, one of Tesla’s largest investors, has officially stated it will vote against the proposed $1 trillion pay package for CEO Elon Musk. The decision strikes a significant blow to the proposal just days before the carmaker’s annual shareholder meeting.
The fund, which is the biggest of its kind in the world, holds a $17 billion stake in Tesla, making it the seventh-largest single shareholder. While it acknowledged the “significant value created under Mr. Musk’s visionary role,” it could not support the unprecedented compensation.
In its reasoning, the fund cited deep concerns over the “total size of the award, dilution” of other shareholders, and the “lack of mitigation of key person risk.” This refers to the immense risk the company carries by being so dependent on a single executive.
The Tesla board, led by chair Robyn Denholm, has defended the package as essential to retain the 54-year-old Musk. Denholm warned shareholders in a letter that Tesla risks losing “significant value” if its chief executive were to leave.
This is not the first time the Norwegian fund has opposed a massive payout for Musk. It also voted against his $56 billion package last year, a deal that was ultimately struck down by a Delaware court despite shareholder approval, leading to this new, even larger proposal.