$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.

more photos...
  • 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.

How Fast Can A Lamborghini Huracan Go On An Empty Runway?

The owner of this baby Lambo actually clocked a higher top speed than the one quoted by the factory.

2020 Nissan Juke: What It’ll Look Like, Powertrains & Everything Else We Know

A sneak peek at the second-generation 2020 Nissan Juke that will retain its bold styling.

CR Finds 2019 Hyundai Veloster A Blast To Drive On Twisty Roads

Consumer Reports reviewed the new-gen Veloster R-Spec and came away impressed by it.

BMW X2 Is Bursting With Aggression Thanks To 3DDesign’s Bodywork Add-Ons

BMW doesn’t intend to roll out an M version of the X2, but this example gives us an idea of how it might have looked like.

Mercedes-AMG A35 Takes On Four Of The Best Hot Hatches Out There

You can’t go wrong with any of them, as they all produce over 300 hp and most have all-wheel drive.

Lamborghini CEO Admits They Have Considered A Modern-Day LM002

The automaker has looked into building a modern-day Rambo Lambo, but won’t disclose if they will go ahead or not.

Rimac C_Two Development Still On Schedule, Weight Reduction A Priority

Mate Rimac has 200 engineers working full time on his new, ground-breaking electric hypercar.

1953 Lancia Aurelia B20GT Is As Beautiful As They Come

This Lancia Aurelia Series III is for sale and it costs more than two new BMW M5s in the UK.

VW Group Could Replace Its Ukraine Plant With A New One In Serbia

Ukraine’s poor economic conditions has the automaker’s local factory operate at least than a tenth of its annual capacity.

Skoda Officials Pushing For Scala RS Hot Hatch That Might Just Be A Hybrid

A performance version of the Scala is still under discussion, and the success of other RS models works in its favor.