Elon Musk and Tesla
Norway’s sovereign wealth fund, one of Tesla’s biggest investors, announced it will vote against Elon Musk’s proposed $1 trillion compensation package ahead of the company’s annual meeting on Thursday. The fund, managed by Norges Bank Investment Management, holds a 1.16% stake in Tesla and raised concerns over the size of the award, shareholder dilution, and key-person risk.
The plan could grant Musk up to 12% of Tesla shares if the company meets ambitious performance goals, including major growth in production, profits, and stock value.
In contrast, Baron Capital Management, which owns 0.4% of Tesla shares, said it supports the proposal, describing Musk as indispensable to Tesla’s success. Musk remains Tesla’s largest shareholder with about 15.79% ownership. The controversial pay plan has divided investors, reflecting broader debates over executive compensation and corporate governance in high-growth technology companies.
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