News Summary

Norway’s sovereign wealth fund, the largest national wealth fund in the world, has announced its decision to vote against a $1 trillion pay package for Tesla’s CEO, Elon Musk. The fund, a major shareholder in Tesla with a stake worth $17 billion, expressed concerns over the size of the award and the potential dilution of shares. This decision comes ahead of Tesla’s annual shareholder meeting, where investors will vote on the proposed incentive package that could significantly increase Musk’s stake in the company if Tesla’s value grows substantially over the next decade. The proposal has divided shareholders, with some major pension funds and shareholder advisory groups also opposing the deal. Despite this, the Tesla board argues that the package is crucial to retaining Musk as CEO amid challenges such as declining sales and the expiration of tax credits in the U.S.