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Norway’s $2.1 Trillion Wealth Fund to Vote Against Elon Musk’s $1 Trillion Tesla Pay Deal

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Norway’s sovereign wealth fund, the world’s largest, announced Tuesday that it will vote against Tesla CEO Elon Musk’s proposed $1 trillion compensation package — potentially the largest CEO pay deal in corporate history. The vote will take place at Tesla’s annual general meeting on November 6.

Tesla’s board is urging shareholders to approve the plan, warning that rejecting it could prompt Musk to leave the $1.5 trillion automaker. The proposal, however, has drawn criticism from investors and proxy advisory firms who say the package is excessive and could give Musk disproportionate control.

The Norwegian fund, officially known as Norges Bank Investment Management (NBIM), said while it recognizes the “significant value created” under Musk’s leadership, it is concerned about the award’s overall size, potential shareholder dilution, and Tesla’s heavy reliance on Musk’s role. NBIM also confirmed it would vote against Tesla’s general employee compensation plan and two of three board members up for re-election, including Kathleen Wilson-Thompson and Ira Ehrenpreis.

Musk’s proposed deal would grant him stock awards worth up to $1 trillion over 10 years, though Reuters estimates the actual value after cost deductions could total around $878 billion. The package would only fully vest if Tesla’s market value climbs to $8.5 trillion — roughly six times its current valuation.

Despite opposition from major investors, the pay deal is expected to pass due to broad shareholder support and Musk’s own 13.5% voting stake.

Musk’s new Tesla pay deal could earn billions even without “Mars-shot” breakthroughs

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Elon Musk’s record-breaking $878 billion Tesla pay package, pitched as contingent on “Mars-shot” achievements, could still grant him tens of billions of dollars even if he misses the most ambitious goals, according to a Reuters analysis of the deal’s structure and expert evaluations.

When Tesla’s board approved the 10-year compensation plan in September, it told investors Musk would only earn shares by transforming Tesla and society through advances in AI, robotics, and autonomy. Yet performance experts say the plan’s vague definitions and lenient milestones could see Musk earning massive payouts without revolutionizing the company.

By achieving only a handful of easier targets—such as modest vehicle sales and incremental growth in Full Self-Driving (FSD) subscriptions—Musk could collect more than $50 billion in Tesla stock. Even two minor achievements, paired with a $2.5 trillion valuation, would grant him $26 billion, more than the lifetime pay of several top U.S. CEOs combined.

Critics argue that goals like selling 1.2 million cars annually or reaching 10 million FSD subscriptions are achievable without breakthroughs in autonomy or robotics. Experts also noted that definitions of “advanced driving system” and “robot” are so broad that Musk could qualify for payouts without delivering true self-driving or humanoid robots.

Tesla’s board insists the package is “worth zero unless value doubles,” yet corporate governance analysts warn that the structure grants Musk huge rewards with minimal accountability. The hardest targets—profit milestones up to $400 billion—may be out of reach, but Tesla’s market value could still reach $2–3 trillion over a decade with average stock growth.

Morningstar analyst Seth Goldstein said the company’s valuation already hinges on “future products that don’t exist today.” Whether Musk delivers them—or merely the promise—will decide if shareholders’ faith pays off.

Shein tightens compliance controls after major fines over privacy, discounts, and greenwashing

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Shein, the fast-fashion giant, is overhauling its internal governance after a string of regulatory fines across Europe for data privacy breaches, misleading discounts, and greenwashing, according to company memos, investor letters, and sources familiar with the matter.

In a letter to investors reviewed by Reuters, Executive Chairman Donald Tang said Shein has launched a “Business Integrity Group” to unify compliance, governance, and external affairs functions, while expanding its internal audit capacity to strengthen corporate discipline.

Over the past three months, the company has been fined €150 million ($175 million) in France for data violations, €40 million for deceptive pricing practices, and €1 million in Italy for greenwashing claims. Shein is appealing the largest fine, but faces further scrutiny from an ongoing EU product safety investigation.

The Singapore-headquartered firm — which ships from factories in China to over 150 countries — is also rolling out stricter compliance frameworks in the U.S., Canada, Brazil, and Mexico as part of a global pilot program. Job postings show new audit and risk management roles in Los Angeles to reinforce oversight.

Tang admitted in the August 25 letter that Shein faces “heightened political and regulatory headwinds” in Europe and tariffs in the U.S., which have slowed growth. Coresight Research projects Shein’s U.S. revenue will rise 20.1% in 2025, down sharply from 50% growth this year, while Europe is expected to surpass the U.S. for the first time.

Shein’s compliance revamp follows mounting criticism of its opaque governance, copyright issues, and environmental standards — with a French OECD agency finding it noncompliant with global responsible business guidelines.