$1 Trillion Wealth Fund Opposes Elon Musk’s Role As Chairman

The world’s largest sovereign wealth fund, Norway’s Norges Bank Investment Management (NBIM), says it backed calls from Tesla shareholders to remove Elon Musk as chairman of the automaker.

The $1 trillion fund believes dividing the roles of chief executive and chairman at Tesla will boost corporate governance. NBIM also opposed the re-election of board member Antonio Gracias but threw its support behind the reappointment of James Murdoch and Kimbal Musk as board members, Reuters reports.

This isn’t the first time the wealth fund has been against certain aspects of Elon Musk’s grasp on power at Tesla. In March, NBIM voted against Musk’s pay proposal which could see him earn roughly $55 billion if Tesla becomes worth $650 billion and delivers more revenue than Procter & Gamble.

Elon Musk has been raising eyebrows recently.

NBIM currently owns 1.4 per cent of all Tesla’s globally listed shares and held a 0.48 per cent stake in the company at the end of 2017, worth approximately $252.5 million.

At Tesla’s recent annual shareholders meeting, a majority of those that voted elected to retain Musk as chairman.

During the event, Musk made a series of important announcements. For example, he said that the second-gen Tesla Roadster will have a ‘Space X’ performance option, production of the $35,000 Model 3 will start in early 2019, released a new Model Y teaser, and said Tesla will probably create a compact electric vehicle within five years.

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  • Six_Tymes

    PROOF that some people with lots of money are not smart. Like him or not, Elon is Tesla

  • Moveon Libtards

    More bad news for Tesla…It just never ends…

  • Alfa Giulia QV

    Well, this certainly won’t be the last we hear of this. Clearly they want to change some things at Tesla and Elon is getting in the way. For now, though, Elon has the majority support backing him up. But how long that will last is anyone’s guess.

  • Knotmyrealname

    The illuminati are moving in.

    • ProtectOurHeritage

      You don’t think Musk is part of that same establishment? 😂

      • Status

        You both think there is such a thing in the first place?

        • ProtectOurHeritage

          I don’t believe in the Illuminati, but I do believe in a controlling establishment that doesn’t respect democracy. I’ve witnessed the damage done by unelected international political organisations such as the European Union.

        • Alfa Giulia QV

          Of course there is, just look at celebrities and all the big entertainers. They’re mind controlled puppets used to distract the masses from the Illuminati’s nefarious agenda. They’ve perfected the research that initially went into Project MKUltra which allows them to send orders via microwave signals from the HAARP weather array that actives RFID chips in the base of their skulls.

  • Mind Synthetic

    “drugs are good drugs are our mates”

  • Apple pattern with Jobs? Elon is making hard choices, motivates and inspires and people look up on him, it would be hard to replace him with someone who is simply competent.

    • EyalN

      It is totally the same as Apple.
      Tesla is worthless without Musk, the company is worthless and without Must no one will believe a company that is losing so much money.

  • DON’T LIKE HIS BUSINESS PRACTICES SELL THE STOCK.

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