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

Published 03/22/2018, 06:54 AM
Updated 03/22/2018, 07:01 AM
© Reuters. FILE PHOTO: SpaceX founder Musk at a press conference following the first launch of a SpaceX Falcon Heavy rocket in Cape Canaveral
TSLA
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OSLO (Reuters) - The world's largest sovereign wealth fund opposed Elon Musk's potential $2.6 billion payout from electric carmaker Tesla (O:TSLA), the fund said on Thursday.

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.

© Reuters. FILE PHOTO: SpaceX founder Musk at a press conference following the first launch of a SpaceX Falcon Heavy rocket in Cape Canaveral

The fund declined to comment.

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