The Norwegian sovereign wealth fund, one of Tesla’s largest investors, said it will vote against Elon Musk’s new compensation package, which could be worth up to $1 trillion over a decade, according to the Associated Press.
The fund, which manages Norway’s Government Pension Fund and holds about 1.16% of Tesla’s shares, cited concerns about the size of the package and the company’s heavy reliance on a single individual.
Tesla shareholders are set to vote on the proposal during the company’s annual meeting on Thursday.
Meanwhile, Baron Capital Management, which owns about 0.4% of Tesla stock, said it plans to support the pay package.
Musk remains Tesla’s largest shareholder, with nearly 16% of the company’s shares. Notably, in early October, he became the first person in history to reach a net worth of $500 billion.
