Tesla Board’s Plea to Retain Musk Clashes with Norway’s $1T Rejection

A plea from Tesla’s board to retain Elon Musk with a $1 trillion pay package has clashed with a firm rejection from one of its largest investors, Norway’s sovereign wealth fund.
Tesla’s chair, Robyn Denholm, has warned shareholders that the company risks losing “significant value” if they fail to approve the deal. She has positioned the vote as essential to keeping the 54-year-old “visionary” CEO at the helm.
However, the Norwegian fund, holding a $17 billion stake, is not convinced. It announced its “no” vote, citing the “total size of the award” and the “lack of mitigation of key person risk” as “concerning.”
This major investor joins a powerful opposition, including advisory giants Glass Lewis and ISS, and major US pension funds. They argue the package is excessive, especially as the company faces a 13% drop in H1 deliveries and cratering sales in parts of Europe.
This is the second time the Norwegian fund has opposed a massive Musk payday. It also voted against the $56 billion deal that was ultimately voided by a Delaware court, setting the stage for Thursday’s high-stakes rematch.