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Core Viewpoint - The proposed $1 trillion compensation plan for Elon Musk is facing significant opposition from major investors, including Norway's sovereign wealth fund and Calpers, which may impact Tesla's governance and future direction [1][2][3]. Group 1: Opposition to Compensation Plan - Norway's sovereign wealth fund announced plans to vote against Musk's $1 trillion compensation proposal at Tesla's upcoming annual shareholder meeting, citing concerns over the plan's scale and potential dilution of shares [2][3]. - Calpers, the largest public pension fund in the U.S., also plans to oppose the compensation plan, arguing that it far exceeds compensation packages of similar companies and raises governance concerns [3][5]. - Both funds have expressed worries about the concentration of power among shareholders and the overall governance structure of Tesla [3][5]. Group 2: Potential Consequences of Vote - If the compensation plan is not approved, Tesla's board chair warned that Musk might leave the company, which could lead to significant value loss for Tesla [6][8]. - The compensation plan is designed to incentivize Musk to lead Tesla for at least another 7.5 years, with ambitious performance targets set for the company [6][7]. - The outcome of the vote on November 6 will not only determine Musk's compensation but also influence Tesla's governance structure and strategic direction [8][9]. Group 3: Historical Context and Governance Concerns - This is not the first time Calpers has opposed Musk's compensation; they previously rejected a $56 billion proposal and a $50 billion plan in 2018 [4][5]. - The current proposal is seen as a revision of a previous plan that was deemed invalid by a Delaware court due to procedural issues [7]. - The board's close relationship with Musk has drawn criticism from governance experts, highlighting concerns about the effectiveness of oversight [7].