Elon Musk said, “It’s not cool” that a big institutional shareholder has said it will vote against a resolution to give him a $56 billion bonus at next week’s annual meeting. Musk said that smaller individual investors in Tesla Inc. support the resolution.
Musk said this on X over the weekend after Norges Bank Investment Management, Norway’s $1.7-trillion sovereign wealth manager, said it doesn’t agree with the pay package at Tesla TSLA, -0.88% that will be voted on at the end of the year.
“While we recognize the great value created by Mr. Musk’s leadership, we are still worried about the total size of the award, its structure, the risk of key person loss, and performance triggers,” Norges Bank said in a statement.
Musk said in a post over the weekend, “If they actually polled their constituents, they would find overwhelming support in favor.”
“About 90% of retail shareholders who have voted have voted in favor of both resolutions,” said Elon Musk, founder and CEO of Tesla. “Public sentiment is unequivocally supportive.”
Shareholders will also vote on a plan to move Tesla’s corporate headquarters to Texas at the same time as the pay package.
In pre-market trading, Tesla’s stock was down 0.3%.
Before Monday’s changes, Tesla stock was down 28.6% in 2024, while the S&P 500 SPX was up 12.1%.