🚀 Norway Fund Votes Against Musk Compensation

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Market Overview
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Year To Date Performances:

1. Norway’s $1.7 trillion sovereign wealth fund, Tesla's eighth-biggest shareholder, announced it will vote against ratifying Elon Musk’s $56 billion pay package, which was invalidated by a Delaware judge earlier this year for being unfair to shareholders. Despite recognizing Musk’s leadership value, the fund cited concerns over the award’s size, structure, dilution, and lack of mitigation of key person risk. It has historically opposed excessive CEO pay, voting against over half of U.S. CEO pay packages above $20 million last year. The fund also supports a proposal for Tesla to adopt a freedom of association and collective bargaining policy amid ongoing labor disputes in Sweden. Additionally, it will vote for Tesla’s incorporation transfer to Texas and the re-election of Musk’s brother, Kimbal Musk, to the board. The shareholder meeting is set for June 13.

2. As the 2024 election approaches, the expiration of the Tax Cuts and Jobs Act of 2017 (TCJA) provisions looms, threatening higher taxes for most Americans after 2025 unless extended by Congress. President Joe Biden and former President Donald Trump have addressed this issue: Trump seeks to extend all TCJA provisions, while Biden aims to maintain tax breaks for those earning under $400,000. The potential expiration would raise individual tax rates and reduce the standard deduction and child tax credit, affecting many families. Funding these extensions amid a growing budget deficit, estimated to add $4.6 trillion over the next decade, remains contentious, with Biden proposing higher taxes on the wealthy and corporations, and Trump yet to detail funding plans.

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4. Headlines

   1. The DOJ has settled the CityMD Covid fraud allegations for $12M.

   2. Bitcoin ETFs are causing more volatility in crypto markets, with holders more likely to sell when ETFs fall than HODLers.

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