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

The world’s largest sovereign wealth fund went opposed Elon Musk’s possible $2.6 billion payout from electric automaker Tesla, the fund stated on Thursday.

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

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

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

The fund refused to comment.