Overview
- Norges Bank Investment Management said it has voted against the CEO performance award, opposed Tesla’s general stock plan, and will vote against directors Kathleen Wilson‑Thompson and Ira Ehrenpreis while supporting Joe Gebbia.
- Proxy advisers ISS and Glass Lewis have urged shareholders to reject the package, reinforcing growing governance pushback before Thursday’s annual meeting.
- Despite the opposition, multiple outlets report the proposal is still seen as likely to pass given Musk’s sizable stake, strong retail and insider support, and undecided positions at large holders such as BlackRock, Vanguard, and State Street.
- The 10‑year plan comprises 12 tranches tied to aggressive milestones, including market value targets up to $8.5 trillion, 20 million vehicle deliveries, and production of 1 million robotaxis and 1 million Optimus robots.
- If fully earned, the award would lift Musk’s ownership to more than 25% and expand his voting power; Tesla shares dipped roughly 2%–4% in early trading after Norway’s fund disclosed its vote.