Tesla’s $1T Pay Plan for Musk Under Fire as Sales in Europe Plummet

Tesla’s board is facing intense scrutiny for pushing a $1 trillion pay package for Elon Musk at the same time the company’s sales are plummeting in key European markets.
Norway’s sovereign wealth fund, a $17 billion investor, has announced it will vote “no.” The decision is poignant as Tesla’s sales in Norway dropped 50% in October. Sales were even worse in Sweden (down 89%) and Denmark (down 86%).
The fund cited the “total size of the award” and “key person risk” as its reasons for rejection, adding its voice to a growing chorus of dissent.
Despite the sales slump, Tesla’s chair Robyn Denholm is urging a “yes” vote. She argues that retaining Musk is essential to the company’s long-term value, even as global deliveries fell 13% in the first half of the year.
This opposition is now widespread. Influential advisory firms ISS and Glass Lewis, along with major pension funds, have all recommended that shareholders reject the massive payout.