Norway Wealth Fund Engages Tesla After Endorsement of Musk's $56B Pay

Norway’s $1.7 trillion wealth fund, Tesla's eighth-largest shareholder, vows to maintain 'constructive dialogue' with the automaker following the approval of CEO Elon Musk's $56 billion pay package. Despite the fund's opposition, the shareholders approved the pay. The fund holds a 0.98% stake in Tesla worth $7.7 billion.

Norway's $1.7 trillion wealth fund, a top shareholder in Tesla, will continue "a constructive dialogue" with the automaker after its annual general meeting endorsed CEO Elon Musk's $56 billion pay package. Tesla shareholders approved Musk's record pay on Thursday, a move the fund had voted against. The fund is the automaker's eighth-largest shareholder, according to LSEG data.

"We will continue to seek constructive dialogue with Tesla on this and other topics," said a fund spokesperson. "We have regular and good dialogue with Tesla - just a week ago we met with the chair," she said, referring to Tesla Chair Robyn Denholm and without giving specifics of the discussion.

The fund held a 0.98% stake in Tesla at the end of 2023 worth $7.7 billion, according to fund data.