Tesla’s $1 Trillion Musk Award Opposed by Norway Wealth Fund (3)

The world’s largest sovereign wealth fund voted against Tesla Inc.’s unprecedented stock award to Chief Executive Officer Elon Musk in the biggest show of opposition yet by a major shareholder.

“While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of the award, dilution and lack of mitigation of key person risk,” Norway’s Norges Bank Investment Management said in a notice on its website.

The verdict from Tesla’s ninth-largest holder is a meaningful blow to the proposal to grant Musk stock potentially worth $1 trillion. The carmaker overcame the Norway ...