Major Tesla Investor Rejects Elon Musk’s $1 Trillion Pay Deal

Norway’s sovereign-wealth fund rejected Tesla TSLA 2.59%increase; green up pointing triangle Chief Executive Elon Musk’s new $1 trillion pay package, becoming the first major investor to disclose its decision.

Norges Bank Investment Management, the arm of the central bank which manages the $1.9 trillion fund, raised concerns Tuesday over the size of the remuneration package.

“While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk—consistent with our views on executive compensation,” it said in a statement.