Tesla CEO Elon Musk is facing opposition from Norway’s oil fund, NBIM, over his proposed $56 billion CEO bonus. NBIM, one of the world’s largest investors, owns almost one percent of Tesla and believes that Musk’s compensation package is excessive. The incentive package was invalidated by a Delaware court earlier this year, citing lack of investor awareness of its terms.
Despite the court’s decision, Musk has threatened to take his ideas to another company if he is not allowed to increase his ownership stake in Tesla. NBIM has previously opposed the incentives in 2018 and continues to express their disapproval of Musk’s compensation system.
The vote on the incentive package is scheduled to take place at Tesla’s upcoming general meeting. Musk’s threat to build new products outside of Tesla if his ownership stake is not increased according to the terms of his agreement raises questions about the future of the company. The tension between Musk and NBIM highlights the importance of corporate governance and executive compensation in large companies like Tesla.
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