"Norway's $2 trillion sovereign wealth fund has voted against Elon Musk's 2025 performance award, which will be ultimately decided at Tesla's upcoming annual shareholder meeting. The fund is managed by Norges Bank Investment Management (NBIM), and it holds a 1.14% stake in Tesla valued at about $11.6 billion. NBIM confirmed it had already cast its vote against Musk's pay package, citing concerns over its total size, dilution, and lack of mitigation of key person risk, as noted in a CNBC report."
"Elon Musk's proposed 2025 CEO performance award has proven polarizing, with large investors split on whether the executive should be given a pay package that, if fully completed, would make him a trillionaire. Institutional Shareholder Services and Glass Lewis have recommended that shareholders vote against the deal, and initiatives such as the "Take Back Tesla" campaign have rallied investors to oppose the proposed performance award."
Norges Bank Investment Management (NBIM), which manages Norway's $2 trillion sovereign wealth fund and owns a 1.14% Tesla stake worth about $11.6 billion, voted against Elon Musk's proposed 2025 performance award. NBIM cited concerns about the award's total size, shareholder dilution, and insufficient mitigation of key-person risk while noting Musk's significant value creation. The award would grant large stock options over the next decade if Tesla meets ambitious milestones and would raise Musk's stake to 25%. Major proxy advisers recommended voting against the deal and investor campaigns have mobilized opposition, leaving the final decision to Tesla's upcoming shareholder meeting.
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