// 15:39 UTC Norway's sovereign wealth fund has opposed Tesla CEO Elon Musk's proposed $1 trillion share award, which the carmaker's board says is necessary to retain him. Norges Bank Investment Management (NBIM), the world's largest such fund, voted against the proposal despite support from investors including Baron Capital. Several major institutional investors have yet to declare their positions ahead of the 6 November vote. NBIM, which manages Norway's considerable oil and gas resources that accrue hundreds of billions of euros in profit annually, is troubled by the compensation package. “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. We will continue to seek constructive dialogue with Tesla on this and other topics,” it said. The market reacted negatively to the news, and Tesla's stock is down by more than 4.4 percent today at the time of writing. Tesla's board chair Robyn Denholm warned last week that Musk might leave if the proposed stock award - potentially worth up to $1 trillion over 10 years - isn't approved. He urged shareholders to greenlight it. Musk became Tesla's largest shareholder and chairman in 2004, then CEO in 2007. Under his leadership revenue increased from about $200 million in 2011 to around $95 billion today, however, growth stalled in the past year.