Norway's Sovereign Wealth Fund to Vote Against Elon Musk's 2018 Pay Package for Tesla

Norway's sovereign wealth fund, which holds less than 1% of Tesla shares, announced it will vote against Musk's 2018 pay package due to concerns over the size and structure of the award. Tesla resubmitted the pay package for a shareholder vote in 2024 after a Delaware court voided the original approval in early 2024. The fund cited concerns about "dilution" and "lack of mitigation of a key person risk" in its decision. Tesla's chairperson wrote a letter arguing it is unfair that Musk has not been paid for six years of work. Billionaire Ron Baron supports honoring Elon Musk's 2018 pay package, citing Tesla's significant market value increase under Musk's leadership and projecting further substantial growth.