Is Elon Musk Getting a $56 Billion Mega Reward? Norwegian State Investment Fund Votes Against
The Norwegian state investment fund is opposing the mega reward for Tesla’s CEO Elon Musk. Shareholders will vote on this matter during the upcoming shareholder meeting next Thursday. The fund has expressed concerns about the size of the reward and its dilution on the stake of other investors.
The Norwegian state investment fund has joined the opposition against Tesla’s CEO Elon Musk’s mega reward. Shareholders of Tesla will vote on this issue during the upcoming shareholder meeting next Thursday, and the state investment fund has stated that it will vote against the $56 billion reward package (approximately 51.8 billion euros).
Norges Bank Investment Management, which manages the Norwegian investment fund of about 1.5 trillion euros, announced this on Saturday. The fund still has concerns about the size of the reward and its impact on the stake of other investors.
Musks’s reward is of ‘excessive size’
The reward package consists of options on Tesla stocks. Recently, Glass Lewis, a significant advisor for shareholder voting at meetings, advised shareholders not to agree to the reward, stating that it is of “excessive size.” A group of Tesla shareholders had also called for rejecting the reward last month.
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