Tesla shareholders countdown to Musk pay vote, not all are supportive

Tesla Inc (NASDAQ:TSLA) chief Elon Musk only has a few days of uncertainty remaining over his $56 billion pay deal, with a ‘revote’ taking place on Thursday – though news from Norway is, in his words, “not cool”.

Shareholders will be asked to vote on the previously in-place pay deal at Thursday’s AGM, and, meanwhile, an independent shareholders advisor and one of Tesla’s larger shareholder’s have indicated they are against the package.

Norway’s wealth fund, a state-backed investment firm seeded by the country’s North Sea oil proceeds, owns just under 1% of Tesla’s equity – worth over $7 billion, and it has publicly stated its concerns over the size of the award, performance triggers, dilution, and lack of key person risk mitigation.

It comes after proxy advisor Glass Lewis recommended that Tesla shareholders should vote against the proposals.

Now, burying the lead somewhat, both the Norwegian fund and the proxy advisor took a similar stance previously, going against the original 2018 award which was backed by Tesla shareholders.

Back then, Musk secured the vote with 66% worth of shareholders approving his pay package.

Six-years later, shareholder sentiments will be retested on Thursday.