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Norway's sovereign wealth fund, the world's largest, has become the most powerful investor yet to oppose Elon Musk's proposed $1 trillion compensation package at Tesla Inc. (NASDAQ:TSLA)
Norges Bank Investment Management (NBIM), which manages Norway's $2.1 trillion oil fund and holds a 1.12% stake in Tesla worth roughly $17 billion, announced on Tuesday, reported Reuters.
The influential investor said it will vote against ratifying Musk's pay plan at the automaker's annual meeting on Nov. 6.
"While we appreciate the significant value created under Mr. Musk's visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk," NBIM said in a statement.
The package, potentially the largest CEO compensation deal ever, could grant Musk stock worth up to $1 trillion over 10 years if Tesla's market value surges to $8.5 trillion, nearly six times its current level.
Tesla Chair Robyn Denholm has cautioned shareholders that rejecting the plan could drive Musk to leave the company, saying the vote is crucial to secure the continued leadership that built this company.
NBIM's move comes as other major investors, including BlackRock, Vanguard, and State Street, have yet to disclose their positions. Baron Capital said it will back the deal.
Investment firm Gerber Kawasaki's co-founder Ross Gerber blasted Tesla's board for serving Musk's interests over shareholders, calling it "the worst BOD" he had ever seen.
The California Public Employees Retirement System (CalPERS) said it would vote against the plan, arguing it gave Musk too much power and was far larger than any other CEO's pay deal.
Gary Black of The Future Fund said there was a "near-zero chance" shareholders would reject the plan, calling it one of the largest in corporate history.
Michael Dell, Cathie Wood, and Jim Cramer also endorsed it, praising Musk's leadership, ambition, and role in driving Tesla's growth in AI, robotics, and self-driving technology.
The outcome of the vote was set to reveal whether shareholders favored rewarding Musk's bold vision or reining in his record-breaking compensation.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Posted In: TSLA
