Overview
- Norges Bank Investment Management, holding about 1.1% of Tesla, said it has voted no, citing the award’s size, dilution and unmitigated key‑person risk.
- The board’s plan could grant Musk up to roughly $1 trillion in stock over 10 years if extreme targets are met, including an $8.5 trillion market cap and large AI and robotics milestones.
- Proxy advisers ISS and Glass Lewis recommend voting against the package, while backers include Baron Capital and ARK Invest, and BlackRock, Vanguard and State Street had not disclosed positions.
- Tesla chair Robyn Denholm warned Musk could leave if the plan is rejected, and a full payout would lift his stake to more than 25%, intensifying governance and control concerns.
- Tesla shares fell in early trading after the Norway fund’s announcement as investors await the outcome of Thursday’s vote.