Oslo, Norway - Norway's sovereign wealth fund, one of Tesla's 10 largest shareholders, said on Tuesday it would vote against the EV maker's proposed pay package for Elon Musk, worth potentially more than $1 trillion.

Tesla shareholders will weigh the pay package at a meeting in Austin, Texas, on Thursday.

"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," Norges Bank Investment Management said on its website.

"We will continue to seek constructive dialogue with Tesla on this and other topics," it said.

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The $2.1-trillion sovereign fund, the world's largest, held 1.14% of Tesla shares as of June 30.

The proposed pay package potentially provides Musk – already the world's wealthiest person – with up to 12% of additional total Tesla shares if certain milestones are met.

The deal is contingent on Tesla reaching a market capitalization of at least $8.5 trillion by 2035.

The company is currently worth $1 trillion.

The Norwegian fund had already voted against a previous pay package for Musk worth about $55.8 billion.

That deal was approved by shareholders, but a court in Delaware struck it down last year. Tesla is appealing the ruling at the state's supreme court.