The Norwegian sovereign wealth fund does not give in to pressure from Elon Musk and will vote against the payment plan for the CEO, worth close to one billion dollars.
A General Meeting of Tesla shareholders is scheduled for Thursday, at which the fund will be represented. The possibility of Elon Musk, owner and CEO of the company, will be voted on to receive up to almost a billion dollars in shares, depending on whether or not certain goals are achieved by Tesla over the next ten years.
The plan was defined by Musk himself. If approved, it will allow the businessman to expand his “power” in the company, by increasing the number of votes in General Assemblies like this one. In the medium and long term, the richest man in the world could see his fortune increase to even higher levels.
Norway’s sovereign wealth fund is the most valuable in the world, valued at 2 billion dollars. He is also one of the largest shareholders in Tesla, the electric car manufacturer launched by Musk.
Furthermore, the fund is managed by Norges Bank Investment Management (NBIM), which has already warned of concerns about “the total size of remuneration, dilution of shares and the lack of risk mitigation associated with key people – in line with our view on executive remuneration”, a statement read.