Elon Musk’s path to becoming the world’s first trillionaire has been challenged by one of his own top investors. Norway’s sovereign wealth fund will vote against the $1 trillion pay package that would pave that path.
The proposed deal, if approved, would grant Musk new shares if Tesla’s valuation hits $8.5 trillion. This would push his personal stake to over 25% and his net worth to an estimated $2 trillion, making him the first trillionaire.
The Norwegian fund, however, is not on board. The world’s largest wealth fund, which holds a $17 billion stake in Tesla, said it was “concerned about the total size of the award.”
The fund’s opposition is a significant blow, adding to “no” recommendations from influential advisory groups Glass Lewis and ISS.
This vote comes as Tesla’s sales are slumping, with a 13% drop in global deliveries in the first half of the year, making the timing of the trillion-dollar proposal particularly controversial.
