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Fortune
Fortune
Christiaan Hetzner

Musk says retail shareholders still back him despite $1.7 trillion oil fund saying they will vote against his pay package

Tesla CEO Elon Musk (Credit: Jesse Grant—The Hollywood Reporter/Getty Images)

If all else fails, Elon Musk can always count on his fan base turning out to back him. With little over two days left before the deadline for remote voting closes, the Tesla CEO and his otherwise media-shy chair, Robyn Denholm, have mounted a last-second campaign blitz aimed at pushing his record pay deal over the finish line.

Their continued lobbying on his behalf all the way down to the wire suggests the risk of a no vote at this Thursday's annual shareholder meeting is not negligible after news that major institutional investors such as Norway’s $1.7 trillion sovereign wealth fund and CalPERS, the largest public pension scheme in the U.S., both plan to veto his $55 billion pay deal.

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