Norway's trillion-dollar sovereign wealth fund to vote against Musk's $56 billion Tesla pay package

Core Viewpoint - Norway's sovereign wealth fund will vote against Elon Musk's $56 billion pay package at Tesla's annual meeting due to concerns over the award's size, performance triggers, dilution, and key person risk [1]. Group 1: Shareholder Concerns - Norges Bank Investment Management, managing a $1.7 trillion fund, is the eighth largest shareholder in Tesla and has expressed concerns about corporate greed and its impact on shareholders [1][2]. - Two large proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis, have recommended voting against Musk's pay package [2]. Group 2: Tesla's Performance and Leadership - Tesla delivered record sales of over 1.8 million electric vehicles globally in 2023, but has faced increased scrutiny regarding Musk's focus on other ventures [3]. - Musk's wealth is highlighted, with a net worth of $203 billion, raising questions about the necessity of the pay package [3]. Group 3: Board and Management Dynamics - Robyn Denholm, Tesla's Board Chair, emphasized that the issue is not about money, as Musk would remain wealthy regardless of the pay package [3]. - Musk has been accused of diverting resources to his other businesses, which has raised concerns among investors [3].