Tesla’s $1T Payout for Musk Faces Rejection Amid European Sales Collapse

Tesla’s push for a $1 trillion payout for Elon Musk is running into stiff opposition, a situation compounded by the company’s collapsing sales in several key European markets.
Norway’s sovereign wealth fund, a major $17 billion shareholder, has declared it will vote “no.” This is particularly symbolic as Tesla’s sales in Norway plummeted by 50% in October. The fund cited the award’s “total size” and “key person risk.”
The sales data from Europe is stark. New car registrations in October dropped 89% in Sweden, 86% in Denmark, and 48% in the Netherlands. Shipments from the Shanghai factory also declined by 10% year-over-year.
Despite this performance, Tesla’s board is urging approval of the $1 trillion deal, warning that failing to retain Musk would cause “significant value” loss. The package would make Musk the first trillionaire if he grows the company to an $8.5 trillion valuation.
The Norwegian fund’s opposition is echoed by major advisory firms Glass Lewis and ISS and large US pension funds. The vote on Thursday will be a major referendum on Musk’s leadership versus the company’s current performance.