Tesla’s biggest investors are split over Elon Musk’s massive $1 trillion pay package, as Norway’s sovereign wealth fund — one of the world’s largest — said it will vote against the proposal. The fund, managed by Norges Bank Investment Management, cited concerns over the award’s “size, dilution risk, and dependence on one key individual.”
The decision adds to growing pressure ahead of the EV maker shareholder vote on November 6, 2025, where investors will decide whether Musk’s decade-long performance-based stock plan should move forward. Following the announcement, Tesla shares fell nearly 3% in premarket trading, reflecting investor unease.
Norges Bank, which owns about 1.2% of Tesla, acknowledged Musk’s achievements but warned that the scale of the deal could expose shareholders to unnecessary risks. Other major institutions, including Vanguard and BlackRock, remain key players to watch as the vote nears.
Public pension funds and proxy advisers such as Glass Lewis and ISS have also voiced opposition, calling the plan excessive. Still, backers like Baron Capital and the Florida State Board of Administration argue it’s a bold incentive tied to Tesla’s long-term growth goals.
Despite the pushback, Musk secured a major victory when over 75% of shareholders approved the pay package during the company’s annual meeting. As long as Tesla’s market value hits $8.5 trillion and practical goals are met, Musk could get up to 423.7 million Tesla shares over 10 years.
If fully achieved, the payout could make Musk the first trillionaire in the world, breaking all previous records for executive pay. But Musk’s company still has problems, like sales that are slowing down and profits that are going down, as well as worries about less U.S. government EV subsidies.
Musk, meanwhile, is betting Musk’s company future on AI-driven robotaxis and humanoid robots, claiming these innovations will reshape the global economy. “Every human on Earth is going to want their own R2D2,” Musk said, envisioning a future where robots surpass cars as Tesla’s biggest business.
