World’s top wealth fund says opposed Musk’s $2.6 billion pay deal

OSLO (Reuters) – The world’s largest sovereign wealth fund opposed Elon Musk’s potential $2.6 billion payout from electric carmaker Tesla (TSLA.O), the fund said on Thursday.

FILE PHOTO: SpaceX founder Elon Musk pauses at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. REUTERS/Joe Skipper/File Photo

Shareholders backed the deal for Tesla’s CEO on Wednesday.

Norway’s $1 trillion wealth fund, which owned a 0.48 percent stake in Tesla worth about $253 million as of the start of 2018, did not say why it voted against Musk’s package.

The fund has said it wants companies it invests in to offer simpler pay packages without long-term incentive plans.

The fund declined to comment.

Reporting by Terje Solsvik and Gwladys Fouche, editing by Camilla Knudsen and Jason Neely

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