Norges Bank Investment Management, which manages Norway’s $2 trillion wealth fund, said it had voted against the Tesla CEO’s proposed pay deal.
The bank behind the world’s largest sovereign wealth fund has just dealt a blow to Elon Musk’s $1 trillion payday.
Norges Bank Investment Management, which manages Norway’s $2 trillion sovereign wealth fund, said on Tuesday it had voted against the Tesla CEO’s proposed pay package ahead of the company’s annual shareholder meeting on Thursday.
The bank said that while it appreciated the “significant value” created under the billionaire’s leadership, it had concerns about the size of the package, dilution, and the lack of mitigation of Musk’s “key person risk” for Tesla.
