Norway’s $1.6 trillion sovereign wealth fund, the world’s largest, plans to vote against Elon Musk’s proposed $1 trillion compensation package at Tesla one of the biggest pay deals in corporate history. The fund, which owns roughly 1.1% of Tesla, said the award was too excessive and misaligned with shareholder value creation, even while acknowledging Musk’s transformative impact on the company. The proposal, which faces a shareholder vote this week, ties Musk’s potential payout to Tesla’s ability to hit ambitious milestones, including an $8.5 trillion market valuation.

The decision from Norway’s fund adds to the growing debate over how much is too much when rewarding visionary founders. Its opposition highlights mounting scrutiny from institutional investors on governance, dilution risk, and the principle of aligning long-term performance with compensation. For Tesla, the vote underscores a tension between rewarding innovation and maintaining investor trust a balance that could shape how future megadeals are structured across Silicon Valley and beyond.