Please wait...
GulfBase Live Support
Leave a message and our representative will contact you soon
- Burgan Bank announces its financial results for first nine months of 2025
- Oman, Spain sign four MoUs across various sectors
- Elm, BENEFIT sign MoU to drive digital innovation in financial services
- flynas wins Operational Excellence Award at DXB
- KBR awarded detailed engineering contract for Qatar offshore project
- Alpha Dhabi 9-month revenues rise to $14.95bn
- Egypt's Suez Canal Revenues Rise 14% as Red Sea Tensions Ease
- Commercial Bank rewards 'smart savers' at a grand prize ceremony
- 81% of Saudi enterprises already using industry-specific AI solutions, new SAP survey finds
- Waha Capital exits from Optasia, marking most significant departure to date
05/11/2025 01:06 AST
Norway's sovereign wealth fund, one of Tesla's 10 largest shareholders, said on Tuesday it would vote against the electric carmaker's proposed pay package for Elon Musk, worth potentially more than $1.0 trillion.
Tesla shareholders will weigh the pay package at a meeting in Austin, Texas, on Thursday.
"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 -- consistent with our views on executive compensation," Norges Bank Investment Management said on its website.
"We will continue to seek constructive dialogue with Tesla on this and other topics," it said.
The $2.1-trillion sovereign fund, the world's largest, held 1.14 per cent of Tesla shares as of June 30.
The proposed pay package potentially provides Musk -- already the world's wealthiest person -- with up to 12 per cent of additional total Tesla shares if certain milestones are met.
The deal is contingent on Tesla reaching a market capitalisation of at least $8.5 trillion by 2035.
The company is currently worth $1.0 trillion.
The Norwegian fund had already voted against a previous pay package for Musk worth about $55.8 billion.
That deal was approved by shareholders but a court in Delaware struck it down last year.
Tesla has appealed against the ruling.
Khaleej Times
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
05/11/2025
Egypt's Suez Canal revenues rose 14.2% year-on-year between July and October, the canal authority said on Tuesday, citing calmer conditions in the Red Sea after a ceasefire in Gaza and a pick up in t
Asharq Al Awsat
04/11/2025
As the US stock market reached record highs this October?, ?investors have questioned whether they are heading for another tech bubble?, ?driven by enthusiasm and hype about artificial intelligence?.
Khaleej Times
31/10/2025
Shares in Lufthansa soared Thursday after the German airline giant reported better-than-expected earnings and said it believed 2025 was a "turning point" after a turbulent period.
Net profit
AFP
30/10/2025
China has agreed to keep rare earth exports flowing to the world as part of a one-year agreement, President Donald Trump said on Thursday shortly after meeting his counterpart Xi Jinping in South Kor
Asharq Al Awsat
30/10/2025
Boeing on Wednesday reported a third-quarter loss of $5.4 billion as massive added costs from the delayed certification of its 777X aircraft weighed down its results.
The aviation giant scor
AFP
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia