The investor who previously declined Elon Musk a “favour” by voting against his $56 billion pay deal is doing it again. Norway’s sovereign wealth fund will vote “no” on the new $1 trillion proposal.
That previous “no” vote prompted a curt text from Musk to the fund’s CEO, Nicolai Tangen, after Musk refused a dinner invitation. “When I ask you for a favour… and you decline, then you should not ask me for one,” Musk wrote.
Undeterred, the fund, which holds a $17 billion Tesla stake, is citing its governance principles. It stated it is “concerned about the total size of the award” and the “key person risk” it presents to shareholders.
The vote on Thursday is for a package that could make Musk the world’s first trillionaire, pushing his wealth past $2 trillion if Tesla’s valuation reaches $8.5 trillion.
The fund’s opposition is backed by powerful advisory firms Glass Lewis and ISS. This dissent comes as Tesla faces falling global deliveries and slumping sales in China and Europe.
