Norway Fund to Vote Against Elon Musk's $1 Trillion Tesla Pay Package

Norway Fund's Stance on Musk's Compensation

• 🇳🇴 Norway's sovereign wealth fund, the world's largest, announced it will vote against approving Elon Musk's proposed compensation package.
• 💰 The package includes shares potentially worth up to $1 trillion over 10 years, but the award-time cost will lower the net value to Musk to an estimated $878 billion.
• 📅 Investors in Tesla will decide on November 6 whether to confirm this agreement, which is considered the largest CEO compensation deal ever.

Investor Reactions and Tesla's Push

• 📊 The Norwegian fund is the largest outside investor to declare its voting intention against the package.
• 👍 In contrast, Baron Capital, the next largest investor to disclose its vote, stated it would support Musk's pay package.
• ⏳ Major investors like BlackRock, Vanguard, and State Street have not yet revealed their voting plans.
• ⚠️ Tesla's board is urging shareholders to approve the plan, with the chair warning that Musk might leave the company if the deal is rejected.

Additional Compensation Plan Vote

• 🚫 The $2.1 trillion Norwegian fund also stated it would vote against Tesla's general stock compensation plan, which is intended for all employees but could also benefit Musk.
• 🧩 This plan can be utilized by the board to potentially award shares to Musk as well.