The plan to make Elon Musk the world’s first trillionaire is “concerning” to the world’s largest sovereign wealth fund.
Norway’s Norges Bank, which holds a $17 billion stake in Tesla, will vote against the $1 trillion pay package designed to achieve that milestone.
If the package is approved, Musk’s wealth is projected to soar past $2 trillion, assuming he can grow Tesla’s valuation to $8.5 trillion over the next decade.
The Norwegian fund, while appreciating Musk’s “visionary role,” stated its “concerns about the total size of the award.” It also flagged “dilution” and “key person risk” as unacceptable.
This stance aligns the fund with other major governance-focused bodies, including advisory firms ISS and Glass Lewis, and the CalPERS pension fund. The vote comes as Tesla’s sales are slumping, adding to the “concerning” nature of the historic payout.