A major Tesla shareholder has announced it will vote against an eye-watering compensation package for the electric car company’s chief executive, Elon Musk, worth up to $1 trillion.

Norway’s Norges Bank Investment Management, the world’s largest sovereign wealth fund, confirmed it will reject the proposal, which would grant Musk an additional 12 percent stake in Tesla if the world’s richest man grows the company to an $8.5 trillion valuation over the next 10 years.

“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,” Norway’s sovereign wealth fund said in a statement.

Norges Bank, which holds a 1.14 p

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