The Norwegian oil fund, the largest sovereign wealth fund in the world, wants to… TeslaAnnual General Meeting this week against a huge share package for the company boss Elon Musk (53) are correct. The fund announced two days before the meeting that it appreciated the significant added value that Musk had created with his visionary role. At the same time, however, the Norwegians expressed concerns about the unprecedented level of the proposed compensation. The fund managers wrote that they will continue to seek constructive dialogue with Tesla on this and other topics.
Stock package potentially worth trillions
The package, which will be voted on at the annual general meeting on Thursday, could be worth around a trillion dollars if the car manufacturer is worth around five and a half times more on the stock market in ten years than it is today. Other requirements include that Musk remains at the top of the company for the decade, Tesla has a million robotaxis in use and delivers a million AI robots.
Tesla shares were recently trading slightly in the red after gaining strongly in recent weeks and giving the company a market capitalization of more than $1.3 trillion.
At the end of October, Tesla itself increased the pressure on shareholders to accept the share package for Musk. If it is not approved, Musk could leave the executive suite, warned Board Chairwoman Robyn Denholm (62).
Funds worth trillions
The oil fund was in Norway created as a financial reserve and, above all, to protect future generations when oil can no longer be drilled for. It has invested in thousands of companies worldwide, is managed by a special department of the Norwegian Central Bank and is currently worth around 21.1 trillion crowns – the equivalent of more than 1.8 trillion euros.
With regard to Tesla, the fund recently owned around 1.1 percent of the company’s shares, which makes it one of the ten largest shareholders in the electric car manufacturer, according to the NTB news agency. In general, he rejects extremely high salaries for the executive suites of corporations. According to NTB, he voted against compensation packages for Musk in 2018 and 2024.