In a clear case of déjà vu, Norway’s sovereign wealth fund is rejecting a massive pay package for Elon Musk, just months after his previous $56 billion deal was voided by a Delaware court.
The fund, a $17 billion investor, announced it will vote “no” on the new, $1 trillion proposal. This is the same stance it took on the $56 billion package, which shareholders approved in June but a court struck down in December.
The fund stated its opposition is “consistent,” citing “concerns about the total size of the award, dilution and lack of mitigation of key person risk.”
This repeated opposition highlights a long-running feud. After the fund’s “no” vote last year, Musk snubbed its CEO, Nicolai Tangen, for a dinner, texting that “Friends are as friends do.”
Now, the board is trying again with an even larger package, arguing it’s essential for retention. But the fund, along with advisory firms ISS and Glass Lewis, is not backing down.
