Norway's Wealth Fund Opposes Musk's $56 Billion Tesla Compensation

Norway's huge $1.7 trillion wealth fund will say "no" to Elon Musk's $56 billion pay deal at Tesla.

Despite being one of Tesla's largest shareholders, the fund plans to vote against Musk's compensation package.

Musk's pay package, considered the largest for any CEO in the US, was approved in 2018 but later invalidated by a judge due to its excessive nature.

The wealth fund acknowledges the value created under Musk's leadership but remains concerned about the package's size, structure, and risks.

In 2018, the fund already opposed Musk's compensation plan.

Norway's fund aims for constructive talks with Tesla on various issues, including executive pay.

It also supports a proposal urging Tesla to adopt policies for workers' freedom of association and collective bargaining, aligning with labor unions' interests.

This move reflects ongoing labor disputes Tesla faces, particularly in Sweden, where mechanics have been on strike for an extended period.

Additionally, the fund advocates for labor rights and has previously backed proposals urging Tesla to respect such rights.

 The fund will also vote on other matters, including Tesla's relocation to Texas and the election of Musk's brother, Kimbal, to the company's board of directors.