01:59 PM EDT, 06/10/2024 (MT Newswires) -- Tesla (TSLA) shareholder Baillie Gifford will vote in favor of the $56 billion pay package for Chief Executive Elon Musk at this week's annual meeting, Bloomberg reported Monday, citing a person familiar with the matter.

The investment manager, one of Tesla's long-time shareholders, viewed the targets tied to the pay package as extremely ambitious and aligned with shareholder returns when they were set in 2018, the person said, according to the report.

Some Tesla shareholders are against the pay award, including Norway's sovereign wealth fund Norges Bank Investment Management, the report said.

Baillie Gifford declined Bloomberg's request for comment.

Baillie Gifford, Norges Bank and Tesla did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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