Elon Musk’s Path to $2 Trillion Fortune Hits “No” Vote from Norway

Elon Musk’s proposed pay package, which could swell his fortune to over $2 trillion, has been rejected by Norway’s powerful sovereign wealth fund. The fund, a $17 billion shareholder, will vote against the $1 trillion deal.
The package is designed to award Musk shares that would raise his stake to over 25% if Tesla’s valuation soars to $8.5 trillion. This would make him the world’s first trillionaire.
However, the Norwegian fund, the world’s largest, expressed “concerns about the total size of the award.” It also flagged the “dilution” of other shareholders and the “key person risk” as unacceptable.
This opposition renews a past conflict. The fund also voted against Musk’s $56 billion package, which led to a frosty text exchange with CEO Nicolai Tangen. Musk declined a dinner invite, writing, “Friends are as friends do.”
Tesla’s board is pushing for approval, warning of a “significant value” loss if Musk leaves. But with sales falling 13% in the first half of the year and advisory firms also recommending rejection, the “no” campaign is gaining strength.