Hyperdrive
Longtime Tesla Holder Baillie Gifford Backs $56 Billion Musk Pay
- Scottish fund house has held the stock for more than a decade
- Norway’s $1.7 trillion wealth fund will vote against the award
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One of Tesla Inc.’s longest-standing holders, Scottish asset manager Baillie Gifford, will vote in favor of Elon Musk’s $56 billion pay package, according to a person familiar with the matter.
The asset manager supports the controversial pay award across its funds because the targets tied to it were extremely ambitious and aligned with shareholder returns when they were set in 2018, the person said, asking not to be identified discussing private information.