Norway's $1.7T Oil Fund Opposes Elon Musk's $56B Tesla Pay Plan

Norway's $1.7T Oil Fund Opposes Elon Musk's $56B Tesla Pay Plan

Katarina Andersson
2 min read

Norway's Oil Fund Opposes Tesla CEO's $56 Billion Pay Package, Citing Corporate Greed

The $1.7 trillion oil fund of Norway plans to vote against Elon Musk's $56 billion pay package at Tesla, expressing concerns about excessive corporate greed. This opposition arises amid ongoing legal challenges for Tesla, including a recent Delaware judge's ruling against the pay package and multiple shareholder lawsuits. The fund, which stands as Tesla's eighth largest shareholder, has been openly critical of sizable executive pay packages in other major companies. Despite these challenges, Tesla aims to seek shareholder approval at the upcoming June 13 annual meeting to potentially reverse the legal setbacks. Additionally, Elon Musk's other ventures, such as SpaceX and X Corp., are confronting various legal disputes from discrimination claims to regulatory investigations.

Key Takeaways

  • Norway’s $1.7 trillion oil fund opposes Elon Musk’s $56 billion Tesla pay award, citing corporate greed concerns.
  • A Delaware judge struck down Musk’s Tesla pay package, calling it "an unfathomable sum."
  • Tesla faces multiple legal challenges, including lawsuits over Autopilot and disputes over stock warrants.
  • Elon Musk's other ventures, like SpaceX and X Corp., are also embroiled in various legal issues.
  • Norway’s oil fund CEO Nicolai Tangen criticizes the level of corporate greed affecting shareholder value.


The opposition from Norway's oil fund to Elon Musk's Tesla pay package reflects broader worries regarding executive compensation and corporate governance. This standpoint, combined with a recent legal ruling against the package, could influence other shareholders and regulatory bodies, potentially leading to stricter governance standards. In the short term, Tesla encounters increased scrutiny and legal challenges, impacting its stock price and investor confidence. Long-term, this could drive efforts for more transparent and fair compensation practices across industries, affecting not only Tesla but also other prominent companies. Musk's other ventures may also face heightened regulatory attention, impacting their operational and financial stability.

Did You Know?

  • Norway's $1.7 Trillion Oil Fund: Also known as the Government Pension Fund Global (GPFG), it is among the world's largest sovereign wealth funds, primarily funded by Norway's petroleum revenues. It invests in international equities, bonds, and real estate to secure wealth for future generations.
  • Delaware Judge's Ruling: Delaware is a prevalent jurisdiction for corporate lawsuits in the U.S. due to its business-friendly laws and the large number of companies incorporated there. A judge's ruling in Delaware holds substantial legal weight and can establish precedents for corporate governance and executive compensation.
  • Stock Warrants: These are financial instruments that grant the holder the right to purchase the underlying stock at a specified price within a certain time frame. Disputes over stock warrants can arise if there are disagreements about the exercise price, the timing of the warrant, or the underlying value of the stock.

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