Norway wealth fund to oppose Musk's $1 trillion Tesla pay deal

Core Viewpoint - Norway's sovereign wealth fund plans to vote against Elon Musk's proposed compensation package, which could be worth up to $1 trillion, at Tesla's upcoming annual general meeting on November 6 [1][3]. Group 1: Compensation Package Details - The proposed compensation package is likely the largest-ever CEO compensation agreement, with critics labeling it excessive [1][2]. - The package could grant stock worth up to $1 trillion over 10 years, but the actual value to Musk may be lower, estimated at up to $878 billion after accounting for the cost of shares at the time of the award [6][7]. Group 2: Investor Reactions - The Norwegian wealth fund is the largest investor to publicly announce its voting intention, while Baron Capital plans to support Musk's pay package [4]. - Major institutional investors like BlackRock, Vanguard, and State Street have not yet disclosed their voting plans [4]. Group 3: Concerns and Support - Proxy advisers ISS and Glass Lewis have recommended shareholders reject Musk's compensation plan, citing concerns over its size, potential high payouts for partial goal achievement, and dilution of other investors' holdings [5]. - Norges Bank Investment Management expressed appreciation for the value created under Musk's leadership but raised concerns about the overall size of the award and the associated risks [7].