Norway’s Mega Wealth Fund Dumps Elon Musk’s $1-Trillion Tesla Pay Package

Norges Bank Investment Management (NBIM) said that it had already cast its vote against Elon Musk’s proposed remuneration package as CEO of Tesla.

Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have also recommended that investors vote against the compensation plan. (Photo: Norges Bank)

The wealth fund, which holds a 1.14% stake in Tesla valued at 118.3 billion Norwegian kroner ($11.6 billion), made the disclosure ahead of a shareholder vote, Chloe Taylor reported for CNBC.

NBIM, which manages Norway’s $2-trillion sovereign wealth fund—the largest in the world—said Musk’s $1-trillion pay package was unjustified, dismissing management’s guidance and Musk’s threats to step down if the deal was rejected.

Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have also recommended that investors vote against the compensation plan. Musk has pushed back, calling ISS and Glass Lewis “corporate terrorists” during an analyst call.

“While we appreciate the significant value created under Musk’s visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk—consistent with our views on executive compensation,” NBIM said in a statement.

“We will continue to seek constructive dialogue with Tesla on this and other topics,” the fund’s managers added.

Lora Kolodny also reported for CNBC that NBIM’s Tesla holdings, as of June 2025, were valued at 118.3 billion Norwegian kroner ($11.6 billion).