Despite “Visionary Role,” Norway Fund Says $1T Musk Pay is Too Much

While acknowledging Elon Musk’s “visionary role” at Tesla, Norway’s sovereign wealth fund has concluded that his proposed $1 trillion pay package is simply too much.
The fund, which is the world’s largest and holds a $17 billion stake in Tesla, will vote against the measure. It stated its decision was based on the “total size of the award” and the “dilution” it would cause for other investors.
The fund also specifically cited a “lack of mitigation of key person risk,” a concern that the company is overly dependent on its 54-year-old CEO, who also runs X and SpaceX.
The package, if approved, would pave the way for Musk to become the world’s first trillionaire, potentially growing his stake in Tesla to over 25%.
This is the second time the fund has voted against a massive pay deal for Musk. It also opposed the $56 billion package last year, a move that led to a personal text from Musk rebuffing the fund’s CEO for a dinner invitation.