This is “Musk Pay Deal, Round Two,” and one of his largest investors is repeating its “no” vote. Norway’s sovereign wealth fund will oppose the new $1 trillion package, just as it opposed the $56 billion deal that was struck down in court.
In December, a Delaware court rejected the previous $56 billion package. Now, the board is back with a new, larger proposal, and the fund’s stance is unchanged.
The $17 billion investor cited “consistent views on executive compensation,” stating it is “concerned about the total size of the award.”
This “no” vote reprises a personal conflict as well. After the fund’s first “no” vote, Musk declined a dinner invite from its CEO, Nicolai Tangen, texting that “Friends are as friends do.”
With advisory firms ISS and Glass Lewis also joining “Round Two” of the opposition, the board faces a renewed battle.