Norway’s $2 trillion sovereign wealth fund said it will vote against Elon Musk’s trillion-dollar pay package at Tesla’s annual shareholder meeting this week, rebelling against management guidance and threats from Musk to step down if the deal is rejected.

Norges Bank Investment Management (NBIM), which manages the fund — the largest of its kind in the world and a major shareholder in Tesla — said it had already cast its vote against Musk’s remuneration package as CEO of the carmaker.

“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,” NBIM said in a statement.

Norway’s wealth fund holds a 1.14% stake in Tesla, valued at around $11.6 billion. Tesla shares were 2.5% lower in premarket trade following the news.