Reported 9 months ago
Norway's sovereign wealth fund, the eighth largest shareholder of Tesla, announced its intention to vote against CEO Elon Musk's excessive $56 billion compensation plan at the upcoming shareholders' meeting on June 13. Musk's compensation package was deemed invalid by a Delaware court in January 2024, with concerns raised about its unprecedented scale and potential unfairness to shareholders. The fund believes Musk's compensation doesn't align with long-term value creation and is worried about its impact on shareholder equity. Despite Musk's efforts to rally support from major shareholders, like billionaire investor Ron Baron, some significant investors, including California Public Employees' Retirement System (CalPERS), plan to vote against the proposal.
Source: YAHOO