Core Viewpoint - Norway's sovereign wealth fund, a significant investor in Tesla, plans to vote against CEO Elon Musk's proposed pay deal, which could be valued at $1 trillion, highlighting potential dissent among investors [1][3]. Group 1: Investor Reactions - Musk's pay package is expected to receive overall support, given past backing from investors and Tesla's strong retail shareholder base [2][6]. - Norges Bank Investment Management's opposition and criticism of the compensation plan may influence other European investors, reflecting a shift towards stewardship and ESG principles [3][5]. - Schwab Asset Management has publicly stated its support for Musk's performance award, indicating that not all investors are aligned with Norges Bank's stance [8]. Group 2: Governance and Voting Dynamics - Tesla's board is advocating for the approval of Musk's pay deal, with Chair Robyn Denholm warning of potential consequences if the deal is rejected, including Musk's possible departure from the company [4]. - The voting power dynamics are complicated by Texas laws allowing Musk to vote his own shares, which gives him significant influence over the outcome [2]. - The unpredictability of investor responses, particularly from large U.S. investors under political pressure, adds complexity to the voting process [7].