Elon Musk’s plan to boost his wealth to over $2 trillion has hit a major “no” vote from the world’s largest sovereign wealth fund.
Norway’s Norges Bank, a $17 billion investor in Tesla, will vote against the $1 trillion pay package. If approved, the deal would make Musk the world’s first trillionaire, with a net worth projected to exceed $2 trillion.
The fund, however, is “concerned about the total size of the award.” While acknowledging Musk’s “visionary role,” it cannot support a payout of this magnitude.
This is the second time the fund has opposed such a deal, after voting against a $56 billion package last year. That “no” vote led to a personal spat, with Musk snubbing the fund’s CEO.
With advisory firms Glass Lewis and ISS also recommending rejection, Musk’s path to a $2 trillion fortune is facing significant shareholder resistance.