Elon Musk’s proposed pay package, which would make him the world’s first trillionaire, has been rejected by one of Tesla’s largest shareholders, Norway’s sovereign wealth fund.
The $1 trillion deal is designed to reward Musk if he can grow Tesla’s valuation to $8.5 trillion. This would push his personal wealth past $2 trillion.
The Norwegian fund, which holds a $17 billion stake, said that while it appreciated Musk’s “visionary role,” the “total size” of the award was “concerning.”
This opposition is significant. The fund is the seventh-largest shareholder and its “no” vote adds to recommendations for rejection from influential advisory firms Glass Lewis and ISS.
This is the second time the fund has opposed Musk’s pay, after voting against a $56 billion package last year. That conflict led to a personal spat with CEO Nicolai Tangen, where Musk texted, “Friends are as friends do,” after refusing a dinner invitation.