Elon Musk’s proposal for a $1 trillion pay deal, which would make him the world’s first trillionaire, has hit a major snag. Norway’s sovereign wealth fund, a $17 billion investor, is voting “no.”
The fund, the world’s largest, announced its decision just two days before the annual meeting. It cited the “total size of the award” and the “key person risk” as “concerning.”
The package is designed to reward Musk for growing Tesla to an $8.5 trillion valuation, a move that would see his personal wealth soar past $2 trillion.
The Tesla board, led by Robyn Denholm, has argued the deal is essential to retain Musk. However, the opposition is strong, with advisory firms ISS and Glass Lewis also recommending rejection.
This vote comes as Tesla’s sales are struggling. Global deliveries fell 13% in the first half of the year, and sales in China and key European markets have also declined, adding to investor concerns.