OSLO: 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 percent of Tesla shares as of

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