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“Norway’s $1.7 Trillion Fund Breaks Ranks, Votes “No” on Musk’s Massive Pay Deal” 🚨🚨🚨

Norway’s NBIM—the world’s largest sovereign wealth fund—has publicly opposed Tesla CEO Elon Musk’s $1 trillion pay package ahead of the electric carmaker’s annual shareholder meeting this Thursday.

NBIM, which manages roughly $1.7 trillion in assets and owns a 1.2% stake in Tesla (TSLA $456.15 +2.58%), is Tesla’s sixth-largest institutional investor, according to FactSet. It’s also the first major shareholder to disclose its voting stance on the controversial compensation plan.

“While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk—consistent with our views on executive compensation,” the fund said in a statement.

Tesla shares fell nearly 3% in premarket trading Tuesday, tracking a broader pullback in equities, particularly among AI-related names.

Tesla’s board, however, has urged investors to back the proposal, arguing that the mammoth, performance-based pay package is critical to retaining Musk’s leadership and long-term focus.

Despite NBIM’s opposition, prediction markets overwhelmingly expect shareholders to approve the plan, underscoring Musk’s deep base of investor support and the enduring faith in his ability to drive Tesla’s next phase of growth.