Asger Risom
One of Tesla’s top ten investors — has announced it will vote against the proposed $1 trillion pay deal for the company’s CEO.
A powerful voice has joined the opposition to Elon Musk’s record-breaking compensation package. Norway’s sovereign wealth fund — one of Tesla’s top ten investors — has announced it will vote against the proposed $1 trillion pay deal for the company’s CEO.
A firm “no” from Norway
In a statement published Tuesday, two days before Tesla’s annual general meeting, the fund said: “While we recognize the considerable value created under Mr. Musk’s visionary leadership, we are concerned about the total amount of compensation, share dilution, and the lack of risk mitigation measures associated with a key individual.”
The Norwegian Government Pension Fund, the world’s largest sovereign wealth fund, holds about 1.14% of Tesla shares, valued at more than 21 trillion kroner (€1.8 trillion) as of June 30, 2025. Its opposition adds significant weight to growing concerns among institutional investors over the scale and structure of Musk’s pay.
The plan under scrutiny
Tesla shareholders will vote Thursday in Austin, Texas, on the controversial 10-year compensation package, first approved in 2018. The plan would grant Musk additional shares in stages if Tesla meets a series of aggressive market and operational targets — potentially increasing his stake by as much as 12%.
If all targets are achieved, the deal could make Musk the first trillionaire in history. Critics, however, say the plan concentrates too much power and value in the hands of one individual.
The Norwegian fund said it would “continue to seek a constructive dialogue with Tesla on this and other topics,” emphasizing that its opposition is part of a broader push for responsible corporate governance.
Past tensions and ongoing appeals
This is not the first time the Norwegian fund has clashed with Tesla’s leadership. It voted against an earlier iteration of Musk’s pay deal last year — one that was ultimately approved by shareholders but later struck down by a Delaware judge in December. Tesla has since appealed that ruling.
Relations between Musk and Nicolai Tangen, the head of the Norwegian fund, reportedly cooled after that decision. The fund’s latest move suggests that tensions remain, even as Tesla pushes forward with its most ambitious executive compensation plan to date.
This article is made and published by Asger Risom, who may have used AI in the preparation
