Norway’s $1.7 trillion sovereign wealth fund, the eighth-largest shareholder in Tesla, has announced its opposition to ratifying Tesla CEO Elon Musk’s $56 billion pay package, which will be put to a shareholder vote next week. The fund’s decision is based on concerns about the package’s size, structure, and lack of mitigation for key person risk. The fund expressed appreciation for Musk’s contributions but emphasized the need for fair compensation.
The chief executive of Norway’s sovereign wealth fund, the world’s largest, has expressed concerns about ‘froth’ in the tech sector, suggesting that this week’s earnings reports from tech giants may provide insights into the extent of any excesses. The comments come as major tech companies like Tesla, Meta, Microsoft, and Alphabet prepare to release their quarterly results, following a recent decline in the tech-heavy Nasdaq Composite index.
