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Norway’s sovereign wealth fund—a key Tesla shareholder—on Tuesday announced it will vote against the electric carmaker’s proposed new compensation package for CEO Elon Musk, marking the latest investor pushback against the lucrative pay deal, which will be worth around $1 trillion if the company achieves a set of ambitious goals over the next decade. The Norwegian sovereign wealth fund said it will vote against Tesla's proposed $1 trillion pay packaged for CEO Elon Musk. Getty Images Norges Bank Investment Management, which oversees Norway’s Government Pension Fund Global, outlined its voting plans for Tesla’s annual shareholder meeting, noting that it will vote against Musk’s “CEO Performance Award.” The fund, which is also known as the “Oil Fund”, said: “While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of the award.” The fund said the vote was consistent with its “views on executive compensation,” and noted that it did not mitigate “key person risk”—a scenario where a business is overly dependent on an individual. “We will continue to seek constructive dialogue with Tesla on this and other topics,” the statement added. How Much Tesla Stock Does The Norwegian Sovereign Fund Own? The Norwegian Government Pension Fund Global owns a 1.14% stake in Tesla, which in June was worth around $11.7 billion. This is not the first time the fund has opposed a proposed compensation plan for Musk. In 2024, the company voted against Musk’s earlier pay award that was worth around $56 billion. At the time, the fund’s management said its vote was “consistent” with its opposition to the same award in 2018 and added: “While we appreciate the significant value generated under Mr. Musk's leadership since the grant date in 2018, we remain concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk.” In premarket trading early on Tuesday, Tesla’s share price slumped around 2.61% to $456.18. Got a tip? Share confidential information with Forbes. Editorial StandardsReprints & Permissions
