A pay plan that would balloon Elon Musk’s fortune to over $2 trillion has been rejected by a key financial backer. Norway’s sovereign wealth fund, a $17 billion investor in Tesla, will vote “no” on the $1 trillion package.
If the ambitious proposal is approved and Tesla’s valuation grows from $1 trillion to $8.5 trillion, Musk would become the world’s first trillionaire, with a net worth estimated to surpass $2 trillion.
The Norwegian fund, however, believes this is too high a price. The world’s largest wealth fund said it was “concerned about the total size of the award.”
This is the second time the fund has opposed such a deal, after voting against a $56 billion package last year. That “no” vote led to a tense text exchange with Musk, who declined a dinner invitation from the fund’s CEO.
With influential advisory firms Glass Lewis and ISS also recommending rejection, Musk’s path to a $2 trillion fortune faces a significant shareholder hurdle.
The $2 Trillion Fortune: Musk’s Pay Plan Faces Rejection from Key Backer
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