Tesla's European shareholder opposes Musk's $1 trillion payment

Norway's sovereign wealth fund, which manages $2.1 trillion in assets, has announced its intention to vote against a $1 trillion payout package for Elon Musk at the annual meeting of Tesla. This is reported by Bloomberg

Norges Bank Investment Management, which manages the largest sovereign wealth fund in the world, , has published its position ahead of the November 6 shareholder vote.

The world's largest fund, managed by Norges Bank Investment Management, also opposed Elon Musk's then-record remuneration package last year. The fund owns a 1.1% stake in the electric car company.

"While we appreciate the significant value created through Mr. Musk's visionary role, we are concerned about the overall size of the compensation, its dilution, and the lack of mitigation of key person risks, which is consistent with our views on executive compensation," the fund said in a statement.

The statement said that the foundation will continue to seek to maintain a constructive dialogue with Tesla on this and other issues.

Earlier it was reported that Elon Musk may resign as CEO of Tesla if the company's shareholders do not approve his $1 trillion compensation package.

• Norges Bank Investment Management manages the fund on behalf of the Norwegian people. Established in the 1990s to invest surplus revenues from Norway's oil and gas industry, the fund is now an investor in more than 8,000 companies in 63 countries.
• The fund is a shareholder in global companies including tech giants Apple, Amazon, Alphabet (Google's parent company), Meta (Facebook, Instagram), Microsoft, Nvidia and Tesla. NBIM's stakes in these seven companies account for 17% of its share capital .