World's Largest Wealth Fund And Tesla's Largest Institutional Shareholder Rejects Musk's Pay Package

Benzinga

Norway’s $2 trillion sovereign wealth fund said it voted against Elon Musk’s trillion-dollar Tesla pay package, citing concerns over size, dilution, and leadership risk. The move adds pressure as proxy firms ISS and Glass Lewis also oppose the plan. Musk called them “corporate terrorists” and warned he may step down if the proposal fails.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Norway's $2 trillion sovereign wealth fund said it will vote against Elon Musk's trillion-dollar

00:06pay package at Tesla's upcoming shareholder meeting, according to CNBC.

00:11Norway's big investment management, Tesla's largest institutional shareholder with a 1.14%

00:16stake, said it has already voted against Elon Musk's pay package.

00:19NBIM said it values Musk's leadership but opposes his pay package due to its size,

00:24dilution, and key person risk, while pledging ongoing dialogue with Tesla.

00:27The proposal has faced opposition from watchdog groups and unions, and proxy firms ISS and

00:32Glass-Lewis would charge investors to vote against it, plus dismissed critics of his pay plan,

00:37calling proxy firms ISS and Glass-Lewis corporate terrorists, and warning on X that if a proposal

00:42was rejected, he would not continue leading Tesla.

00:45Share is called 2.5% in pre-market trading.

00:48For all things money, visit Benzinga.com.

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