This $1 trillion wealth fund wanted to split Musk’s dual role at Tesla


But was defeated in a vote yesterday

Norway’s $1 trillion wealth fund backed the unsuccessful proposal to wrest the role of chairman away from Tesla boss Elon Musk, representing the strongest challenge yet to Musk’s grip on the Silicon Valley car company.

The proposal was, however, defeated in a vote at Tesla’s annual meeting in in Mountain View, California yesterday.

Norges Bank Investment Management, which runs the world’s largest sovereign wealth fund, wanted to split the roles of CEO and chairman to boost corporate governance.

The Norwegian fund held a 0.48 per cent stake in Tesla at the end of 2017— worth $252.5m, according to reports.