Elon Musk’s path to a $2 trillion fortune has hit a roadblock in Norway. The country’s sovereign wealth fund, a $17 billion Tesla investor, will vote against the $1 trillion pay package designed to get him there.
If the package is approved and Tesla’s valuation grows to $8.5 trillion, Musk’s personal wealth is projected to exceed $2 trillion, making him the world’s first trillionaire.
However, the Norwegian fund, the world’s largest, is “concerned about the total size of the award.” It also flagged the “dilution” of shares and “key person risk” as unacceptable.
This is the second time the fund has opposed Musk’s pay. It also voted against a $56 billion package last year. That deal was voided by a Delaware court, setting the stage for this new, larger proposal.
With advisory firms ISS and Glass Lewis also recommending rejection, the Tesla board faces a tough battle to convince shareholders to approve the historic payout on Thursday.
