Nov. 4 (UPI) -- Norway's sovereign wealth fund said Tuesday it plans to reject the nearly $1 trillion payout to Tesla's CEO, Elon Musk, during its annual shareholder meeting this week.
Musk, whose current net worth is more than $400 billion, was poised to receive a performance award worth about $900 billion and 432 million additional shares in the electric vehicle company, about a 25% ownership stake. If approved, the compensation plan would make Musk the world's first trillionaire, The Guardian reported.
Norges Bank Investment Management said it will vote against the compensation plan at Thursday's meeting. The world's largest sovereign wealth fund is the seventh-largest stakeholder in Tesla, holding about 1.14% stake in the company.
"While we appreciate the significant value created under Mr. 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," the company said in a statement.
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