Tesla Sales Collapse in Norway, Denmark as $1T Musk Pay Vote Looms

As Tesla shareholders prepare to vote on a $1 trillion pay package for Elon Musk, the company’s sales are in a state of collapse in key Nordic markets.
In Norway, home to the dissenting sovereign wealth fund, new car registrations dropped 50% in October. The situation was even more dire in neighboring Denmark (down 86%) and Sweden (down 89%).
This sales slump, combined with a 13% drop in first-half global deliveries, makes the timing of the massive pay proposal controversial.
Norway’s fund, a $17 billion investor, has announced it will vote “no,” citing the award’s “total size” and “key person risk.”
While Tesla’s board argues the pay is necessary to retain Musk’s “visionary” leadership to fix the sales problem, the grim figures are fueling the opposition, which includes advisory firms Glass Lewis and ISS.