{"id":11251,"date":"2024-06-09T20:02:02","date_gmt":"2024-06-09T20:02:02","guid":{"rendered":"http:\/\/thisbiginfluence.com\/?p=11251"},"modified":"2024-06-09T20:02:02","modified_gmt":"2024-06-09T20:02:02","slug":"norways-trillion-dollar-wealth-fund-to-vote-against-musks-tesla-pay-deal","status":"publish","type":"post","link":"https:\/\/thisbiginfluence.com\/?p=11251","title":{"rendered":"Norway&#8217;s Trillion-Dollar Wealth Fund to Vote Against Musk&#8217;s Tesla Pay Deal"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"\"> <span class=\"full-width\"> <\/p>\n<figure> <amp-img src=\"https:\/\/i.insider.com\/65d8a2a5ce7f1785b2e35fde?width=750&amp;format=jpeg&amp;auto=webp\" width=\"750\" height=\"499\" layout=\"responsive\" srcset=\"https:\/\/i.insider.com\/65d8a2a5ce7f1785b2e35fde?width=400&amp;format=jpeg&amp;auto=webp 400w, https:\/\/i.insider.com\/65d8a2a5ce7f1785b2e35fde?width=500&amp;format=jpeg&amp;auto=webp 500w, https:\/\/i.insider.com\/65d8a2a5ce7f1785b2e35fde?width=700&amp;format=jpeg&amp;auto=webp 700w, https:\/\/i.insider.com\/65d8a2a5ce7f1785b2e35fde?width=1000&amp;format=jpeg&amp;auto=webp 1000w, https:\/\/i.insider.com\/65d8a2a5ce7f1785b2e35fde?width=1300&amp;format=jpeg&amp;auto=webp 1300w, https:\/\/i.insider.com\/65d8a2a5ce7f1785b2e35fde?width=2000&amp;format=jpeg&amp;auto=webp 2000w\" alt=\"Elon Musk\"\/> <span class=\"image-source-caption with-caption-drawer\"> <input class=\"caption-drawer-input\" type=\"checkbox\" id=\"caption-drawer-checkbox\"\/> <label class=\"caption-drawer-label\" for=\"caption-drawer-btn\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"svg-icon arrow-up-icon caption-drawer-icon\" width=\"12\" height=\"8\" viewbox=\"0 0 12 8\"> <title>Angle down icon<\/title> <desc>An icon within the form of an angle pointing down.<\/desc> <path d=\"M11.3281 0.792709C11.1874 0.796035 11.0537 0.854817 10.9562 0.95625L5.99996 5.9125L1.04371 0.95625C0.994011 0.90516 0.934574 0.864549 0.868913 0.836818C0.803251 0.809086 0.732698 0.794796 0.661421 0.794792C0.555323 0.79482 0.451644 0.826488 0.363639 0.885749C0.275634 0.94501 0.207301 1.02917 0.167378 1.12747C0.127454 1.22577 0.117753 1.33374 0.139515 1.43758C0.161277 1.54143 0.213513 1.63642 0.289546 1.71042L5.62288 7.04375C5.7229 7.14374 5.85854 7.1999 5.99996 7.1999C6.14139 7.1999 6.27702 7.14374 6.37705 7.04375L11.7104 1.71042C11.7878 1.63594 11.841 1.5398 11.8629 1.43459C11.8848 1.32939 11.8744 1.22003 11.833 1.12084C11.7917 1.02164 11.7214 0.937245 11.6313 0.878694C11.5412 0.820144 11.4355 0.790174 11.3281 0.792709V0.792709Z\" fill=\"currentColor\"\/> <\/svg> <\/label><figcaption class=\"headline-bold image-caption\"> Elon Musk. <\/figcaption><span class=\"source headline-regular image-source\">Grzegorz Wajda\/SOPA\/Getty Photographs<\/span> <\/span> <\/figure>\n<p> <\/span> <\/p>\n<ul class=\"summary-list\">\n<li>Norway&#8217;s sovereign wealth fund will oppose Elon Musk&#8217;s $56 billion pay bundle at Tesla.<\/li>\n<li>Tesla shareholders will vote on the deal on Thursday.<\/li>\n<li>Two main <strong>proxy advisor\u00a0<\/strong>companies have additionally opposed it.<\/li>\n<\/ul>\n<p>Norway&#8217;s sovereign wealth fund, operated by Norges Financial institution Funding Administration, has stated it would vote towards Tesla CEO Elon Musk&#8217;s $56 billion pay bundle at Tesla&#8217;s annual assembly on Thursday.<\/p>\n<p>In a press release, <a target=\"_blank\" class=\"editor-rtfLink\" href=\"https:\/\/www.nbim.no\/no\/ansvarlig-forvaltning\/stemmegiving\/var-stemmegivning\/meeting?m=1856850\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\" data-vars-hyper-link=\"https:\/\/www.nbim.no\/no\/ansvarlig-forvaltning\/stemmegiving\/var-stemmegivning\/meeting?m=1856850\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Outbound Click\"><span>Norges Bank Investment Management said, <\/span><\/a><span>&#8220;Whereas we respect the numerous worth generated beneath Mr. Musk&#8217;s management for the reason that grant date in 2018, we stay involved in regards to the complete dimension of the award, the construction given efficiency triggers, dilution, and lack of mitigation of key individual threat.&#8221;<\/span><\/p>\n<p><span>Norway&#8217;s sovereign wealth fund is <\/span><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/norway-wealth-fund-vote-against-musks-56-bln-tesla-pay-package-2024-06-08\/\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\" data-vars-hyper-link=\"https:\/\/www.reuters.com\/technology\/norway-wealth-fund-vote-against-musks-56-bln-tesla-pay-package-2024-06-08\/\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Outbound Click\"><span>valued at $1.7 trillion<\/span><\/a> and is the eighth largest Tesla shareholder, per Reuters.<\/p>\n<p>Robyn Denholm, chairperson of the Tesla Board of Administrators, <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1318605\/000110465924068792\/tm2413800d20_defa14a.htm\" data-analytics-product-module=\"body_link\" data-vars-hyper-link=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1318605\/000110465924068792\/tm2413800d20_defa14a.htm\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Outbound Click\" rel=\"noopener\">wrote in a letter to shareholders earlier this week,<\/a> calling for &#8220;reciprocal respect.<\/p>\n<p>Musk has no &#8220;scarcity of concepts and different locations he could make an unimaginable distinction on this planet,&#8221; she wrote.<\/p>\n<p>Nicolai Tangen, the the Norwegian wealth fund&#8217;s chief government, advised the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cfc9a674-8d7f-4b79-8104-14f7080a1255\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\" data-vars-hyper-link=\"https:\/\/www.ft.com\/content\/cfc9a674-8d7f-4b79-8104-14f7080a1255\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Outbound Click\">Financial Times <\/a>in 2022: &#8220;We&#8217;re seeing company greed reaching a stage that we have not seen earlier than and it is actually changing into very pricey for shareholders when it comes to dilution.&#8221;<\/p>\n<p>Tesla shareholders will vote on Musk&#8217;s pay bundle on Thursday.<\/p>\n<p>Buyers permitted Musk&#8217;s pay deal in 2018, however a choose in Delaware struck down the sum in January, <a target=\"_blank\" href=\"https:\/\/courts.delaware.gov\/Opinions\/Download.aspx?id=359340\" data-analytics-product-module=\"body_link\" data-vars-hyper-link=\"https:\/\/courts.delaware.gov\/Opinions\/Download.aspx?id=359340\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Outbound Click\" rel=\"noopener\">calling<\/a> it &#8220;an unfathomable sum&#8221; and forcing the board to reapprove it.<\/p>\n<p>Final month, two massive proxy advisor companies, Institutional Shareholder Providers (ISS) and Glass Lewis, <a target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/proxy-advisor-shareholders-reject-elon-musks-huge-tesla-pay-deal-2024-6\" data-analytics-product-module=\"body_link\" data-vars-hyper-link=\"https:\/\/www.businessinsider.com\/proxy-advisor-shareholders-reject-elon-musks-huge-tesla-pay-deal-2024-6\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Inbound Click\" rel=\"noopener\"><u>recommended voting against the package.<\/u><\/a><\/p>\n<p>Referring to Musk&#8217;s fortune, Denholm stated: &#8220;That is clearly not in regards to the cash. Everyone knows Elon is likely one of the wealthiest folks on the planet, and he would stay so even when Tesla had been to renege on the dedication we made in 2018.&#8221;<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/billionaires\/\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\" data-vars-hyper-link=\"https:\/\/www.bloomberg.com\/billionaires\/\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Outbound Click\">Musk is the third richest person in the world<\/a>, price $203 billion, in accordance with the Bloomberg Billionaires Index.<\/p>\n<p>Though Tesla <a target=\"_blank\" href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/tesla-q1-deliveries-preview-analysts-cut-targets-nightmare-quarter-for-tesla-1033208450\" data-analytics-product-module=\"body_link\" data-vars-hyper-link=\"https:\/\/markets.businessinsider.com\/news\/stocks\/tesla-q1-deliveries-preview-analysts-cut-targets-nightmare-quarter-for-tesla-1033208450\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Inbound Click\" rel=\"noopener\">delivered<\/a> report gross sales of greater than 1.8 million electrical autos worldwide in 2023, the EV maker has confronted elevated scrutiny in current months.<\/p>\n<p>In keeping with <a target=\"_blank\" rel=\"nofollow noopener\" class=\"link\" href=\"https:\/\/www.cnbc.com\/2024\/06\/04\/elon-musk-told-nvidia-to-ship-ai-chips-reserved-for-tesla-to-x-xai.html\" data-analytics-product-module=\"body_link\" data-vars-hyper-link=\"https:\/\/www.cnbc.com\/2024\/06\/04\/elon-musk-told-nvidia-to-ship-ai-chips-reserved-for-tesla-to-x-xai.html\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Outbound Click\">emails obtained by CNBC<\/a> earlier this week, Musk has been diverting essential sources to his different companies: social media platform X and his AI startup xAI.<\/p>\n<p>Earlier this 12 months, <a target=\"_blank\" href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/elon-musk-tesla-ownership-stock-blackmail-ai-tsla-ross-gerber-2024-1\" data-analytics-product-module=\"body_link\" data-vars-hyper-link=\"https:\/\/markets.businessinsider.com\/news\/stocks\/elon-musk-tesla-ownership-stock-blackmail-ai-tsla-ross-gerber-2024-1\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Inbound Click\" rel=\"noopener\">investors accused Musk of &#8220;blackmailing&#8221;<\/a> them by\u00a0<a target=\"_blank\" rel=\"nofollow noopener\" class=\"link\" href=\"https:\/\/x.com\/elonmusk\/status\/1746999488252703098\" data-analytics-product-module=\"body_link\" data-vars-hyper-link=\"https:\/\/x.com\/elonmusk\/status\/1746999488252703098\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Outbound Click\">tweeting<\/a> that he was &#8220;uncomfortable rising Tesla to be a frontrunner in AI and robotics with out having 25 p.c voting management.&#8221;<\/p>\n<p><span>In April, Musk <\/span><a target=\"_blank\" class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/elon-musk-axed-supercharger-team-leader-said-no-more-layoffs-2024-5\" data-analytics-product-module=\"body_link\" data-vars-hyper-link=\"https:\/\/www.businessinsider.com\/elon-musk-axed-supercharger-team-leader-said-no-more-layoffs-2024-5\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Inbound Click\" rel=\"noopener\"><span>sacked<\/span><\/a><span> Tesla&#8217;s total Supercharger workforce, together with senior director of EV charging Rebecca Tinucci, a transfer that was criticized by Tesla&#8217;s <\/span><a target=\"_blank\" class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/GerberKawasaki\/status\/1785743766818848813\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\" data-vars-hyper-link=\"https:\/\/twitter.com\/GerberKawasaki\/status\/1785743766818848813\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Outbound Click\"><span>investors<\/span><\/a><span> and <\/span><a target=\"_blank\" class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/tesla-supercharger-installer-in-limbo-no-communcation-elon-musk-layoffs-2024-5\" data-analytics-product-module=\"body_link\" data-vars-hyper-link=\"https:\/\/www.businessinsider.com\/tesla-supercharger-installer-in-limbo-no-communcation-elon-musk-layoffs-2024-5\" data-vars-link-domain=\"AMP\" data-vars-link-type=\"Inbound Click\" rel=\"noopener\"><span>partners<\/span><\/a><span>.<\/span><\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/www.businessinsider.com\/norways-wealth-fund-vote-against-elon-musks-55bn-tesla-paycheck-2024-6?amp\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Angle down icon An icon within the form of an angle pointing down. Elon Musk. Grzegorz Wajda\/SOPA\/Getty Photographs Norway&#8217;s sovereign wealth fund will oppose Elon Musk&#8217;s $56 billion pay bundle at Tesla. Tesla shareholders will vote on the deal on Thursday. Two main proxy advisor\u00a0companies have additionally opposed it. Norway&#8217;s sovereign wealth fund, operated by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[277,1200,2038,9316,841,526,9317,1405,8369],"class_list":["post-11251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-deal","tag-fund","tag-musks","tag-norways","tag-pay","tag-tesla","tag-trilliondollar","tag-vote","tag-wealth"],"_links":{"self":[{"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/posts\/11251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11251"}],"version-history":[{"count":0,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/posts\/11251\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/media\/11253"}],"wp:attachment":[{"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}