• Norway's $1.7 trillion sovereign wealth fund announced it will vote against ratifying Elon Musk's $56 billion pay package, which is up for a shareholder vote next week. This decision follows a Delaware judge's ruling earlier this year that invalidated the package, calling it an "unfathomable sum" and unfair to shareholders. The fund, Tesla's eighth-biggest shareholder, acknowledged the significant value generated under Musk's leadership since 2018 but expressed concerns over the award's size, performance triggers, dilution, and lack of mitigation of key person risk.

• The fund, operated by Norges Bank Investment Management (NBIM), had previously voted against the package in 2018 and continues to be critical of excessive CEO pay. NBIM stated it will seek constructive dialogue with Tesla on this and other topics. Responding to the fund's decision on social media, Musk described the move as "not cool," suggesting that a survey of the fund's constituents would show overwhelming support for the package. The wealth fund has a history of voting against high CEO pay packages, arguing they don't align with long-term shareholder value.