Norway's sovereign wealth fund, valued at $1.7 trillion, announced its intention to oppose Tesla CEO Elon Musk's $56 billion pay package, according to the South China Morning Post.

Musk's pay decision is slated for a shareholder vote next week. This follows a Delaware judge's earlier invalidation of the deal. 

Despite acknowledging Musk's contributions, Norway's wealth fund, Tesla's eighth-largest shareholder, cited concerns over the package's size and structure. 

Musk's pay, termed the largest for a corporate CEO in the US, was initially approved in 2018 but was nullified this year due to its perceived unfairness to shareholders. In addition to Norway, Norges Bank Investment Management, the fund operator, expressed worries about the award's impact on dilution and risk mitigation. 

READ MORE: Tesla Defends Musk's $56 Billion Pay Package Following 'Excessive' Remarks from Shareholders

Elon Musk's Pay Package Supporters

Elon Musk responded by questioning the fund's decision and claiming widespread support for his package. Earlier this week, VCPost also reported that it's not just Musk who's defending his pay package but billionaire Investor Ron Baron. His own company, Tesla, also defended its decision, saying it's only "fair" to hold its end of the bargain.

Tesla shareholders, including the fund, will vote on Musk's pay and director reelections at the annual meeting on June 13.

With divided views on this matter, the upcoming decision could affect the market perception of Tesla, influencing its stock price positively or negatively depending on investor sentiment and confidence.

Meanwhile, it would further cement Elon Musk as the richest person in the world after surpassing Bernard Arnault recently.

READ NEXT: Tesla CEO Elon Musk's $56 Billion Pay Package Gets Support From Billionaire Investor Ron Baron