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International Business Times UK

Vinay Patel

Norway's Fund to Vote Against Elon Musk's $56 Billion Pay Deal

Elon Musk Tesla Inc. Norway Robyn Denholm Norges Bank Investment Management

Tesla shareholders vote on Musk's $56 billion pay package, challenged by judge and advisors. Musk seeks retail investor support. (Credit: Wikimedia Commons)

Norges Bank Investment Management, which oversees Norway's sovereign wealth fund, is set to oppose Elon Musk's $56 billion pay package at Tesla's upcoming shareholder meeting.

In a recently released statement, Norges Bank Investment Management acknowledged the value Musk's leadership has brought since the 2018 grant. Still, the fund is concerned about the award's total size, performance trigger structure, potential shareholder dilution, and the lack of measures to mitigate key person risk.

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