Summary
Norway's sovereign wealth fund, a major Tesla investor, plans to vote against a proposed pay package for Tesla CEO Elon Musk. The package is valued at $1 trillion and based on performance. The fund is concerned about the size of the award and other risks.
Key Facts
- Norway's sovereign wealth fund is a large investor in Tesla.
- The fund plans to vote against Elon Musk’s proposed $1 trillion pay package.
- The pay package is based on Tesla's performance.
- The fund expressed concerns about the size of the pay package.
- They also worry about dilution, which means reducing the value of existing shares.
- There is a concern about "key person risk," which is the risk related to the dependence on one individual, in this case, Elon Musk.
- The fund seeks ongoing discussions with Tesla on compensation and other topics.
