El fondo soberano noruego votará en contra del paquete salarial de 1 billón de dólares de Musk en Tesla.
Norway’s sovereign wealth fund, the world’s largest, said Tuesday it will vote against Tesla CEO Elon Musk’s proposed $1 trillion compensation package at the company’s annual shareholder meeting Thursday, dealing a blow to what could be the largest CEO pay deal in corporate history.
The $2.1 trillion Norwegian fund, Tesla’s sixth-largest institutional investor with a 1.2% stake worth approximately $17 billion, cited concerns about the package’s size, shareholder dilution, and insufficient mitigation of “key person risk”. The announcement comes as Tesla faces mounting challenges in Europe, where sales have plummeted across key markets.
Baron Capital, Tesla’s 15th-largest mutual fund holder, announced Monday it would support the package, calling Musk “the ultimate ‘key man'” and arguing shareholders would “win big through unprecedented value creation”. However, major institutional investors including BlackRock, Vanguard, and State Street have yet to disclose their voting intentions.
Tesla Chair Robyn Denholm warned last week that Musk could leave the company if the deal is rejected, saying Tesla risks losing his “time, talent, and vision”. The board has identified internal succession candidates but emphasized an “orderly transition” would likely promote from within.
European Sales Decline Continues
Year-to-date European sales have dropped over 30%, falling from 255,000 units in 2024 to 177,000 through October 2025. Industry analysts attribute the decline to Tesla’s aging product lineup, increased competition from Chinese manufacturers, and consumer backlash against Musk’s political activities.
The Norwegian wealth fund’s opposition reflects broader skepticism about executive compensation amid Tesla’s operational challenges. Proxy advisory firms ISS and Glass Lewis have recommended shareholders reject the package, with Musk labeling them “corporate terrorists” on a recent earnings call.
