Norway’s sovereign-wealth fund votes against $1 trillion compensation for Elon Musk
A major Tesla shareholder announced that they are voting against Elon Musk’s CEO compensation package, but the odds are still in his favor.
As we have been extensively reporting over the last few weeks, Tesla shareholders are set to vote on a new compensation package for Elon Musk worth up to $1 trillion.
The package is highly controversial. On one hand, the board, Musk, and his fans are presenting it as an “all or nothing” situation on which the “future of Tesla”, or even “the world” (actual quote from Musk) hangs in the balance.
The CEO has threatened to quit if he doesn’t get the package, which he claims is mainly about increasing his stake and control over Tesla as the automaker continues to develop AI technology, which he claims to fear in the wrong hands.
On the other hand, critics point to Musk getting more stock options than all other Tesla employees combined, despite being a part-time CEO for the better part of the last 3 years. [Continue reading…]