Musk’s $1T Deal: Norway Fund Rejects Package Amid Falling Sales

As Tesla contends with falling sales, its $1 trillion pay package for Elon Musk has been rejected by a major investor: Norway’s sovereign wealth fund.
The fund, which holds a $17 billion stake, will vote “no,” citing the award’s “total size” and “key person risk.” This comes as Tesla’s global deliveries fell 13% in the first half of the year.
The sales data from October is particularly grim. Shipments from its Shanghai factory fell 10%. In Europe, new car registrations plummeted by 89% in Sweden, 86% in Denmark, and 50% in Norway.
Despite this, Tesla’s board is pushing for the $1 trillion deal, which would make Musk the first trillionaire. Chair Robyn Denholm argues it’s essential to retain Musk to guide the company through these challenges.
The Norwegian fund’s “no” vote is backed by recommendations from advisory firms Glass Lewis and ISS, setting up a contentious shareholder meeting on Thursday.