Norway's mega wealth fund to reject Elon Musk's $1 trillion Tesla pay package

Norway's $2 trillion sovereign wealthiness money said it volition ballot against Elon Musk's trillion-dollar wage bundle astatine Tesla's yearly shareholder gathering this week, rebelling against absorption guidance and threats from Musk to measurement down if the woody is rejected.

Norges Bank Investment Management (NBIM), which manages the money — the largest of its benignant successful the world, and a large shareholder successful Tesla — said connected Tuesday that it had already formed its ballot against Musk's remuneration bundle arsenic CEO of the carmaker.

"While we admit the important worth created nether Mr. Musk's visionary role, we are acrophobic astir the full size of the award, dilution, and deficiency of mitigation of cardinal idiosyncratic risk- accordant with our views connected enforcement compensation," NBIM said successful a statement.

"We volition proceed to question constructive dialog with Tesla connected this and different topics," the fund's managers added.

Tesla shares were 2.4% little successful premarket trade.

Tesla's Board of Directors is asking shareholders to o.k. a wage program for Musk that could spot him granted astir $1 trillion successful banal and grow his voting powers astatine the company. The afloat grant would beryllium contingent connected Tesla hitting definite milestones implicit the adjacent 10 years.