Sticking to its principles, Norway’s sovereign wealth fund is once again rejecting a massive payout for Elon Musk, citing “consistent views on executive compensation.”
The fund, a $17 billion Tesla investor, will vote “no” on the new $1 trillion proposal, just as it voted “no” on the $56 billion package last year.
That previous “no” vote led to a personal spat. Musk declined a dinner invite from the fund’s CEO, Nicolai Tangen, reportedly texting, “Friends are as friends do,” after his “favour” was declined.
The fund’s reasoning for this “no” vote remains the same: it is “concerned about the total size of the award,” “dilution,” and the “key person risk” associated with the deal.
With advisory firms Glass Lewis and ISS also recommending rejection, the Tesla board faces a tough fight to pass the package that would make Musk the world’s first trillionaire.
