Norway's Sovereign Wealth Fund to Oppose Musk's $1.5 Trillion Tesla Pay Deal
Norway's sovereign wealth fund has announced it will vote against ratifying Tesla CEO Elon Musk's proposed compensation package, valued at approximately $1.54 trillion. The vote is scheduled for November 6 during Tesla's annual general meeting.
Details of the Pay Deal
- The compensation package is potentially the largest ever awarded to a CEO.
- The sovereign wealth fund holds the seventh-largest stake in Tesla, making it a significant shareholder.
- Despite opposition, the package faces a tough challenge to be rejected.
Concerns from Opponents
"Critics have called the pay deal excessive but face an uphill fight against it."
Opponents are worried the deal might grant Elon Musk too much unchecked power given his status as the world's richest man.
Tesla Board's Position
"Telsa's board is pushing for shareholders to approve the plan, with chair Robyn Denholm warning that Mr Musk could leave the $1.5 trillion market cap firm if the deal is rejected."
The board emphasizes the risk of Musk leaving Tesla if the compensation package is not approved.
Summary
Norway's sovereign wealth fund stands as the largest shareholder publicly opposing Elon Musk's historically large Tesla pay package, citing concerns over excessive executive power and potential impacts on the company.
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