Overview
- Norges Bank Investment Management, a top Tesla shareholder with roughly a 1% stake, said it has voted against the CEO performance award, citing the package’s size, dilution and lack of key‑person risk mitigation, and it will also oppose two directors and Tesla’s general stock compensation plan.
- Proxy advisers ISS and Glass Lewis have urged investors to reject the award, CalPERS has come out against it, and Baron Capital signaled support, while major holders such as BlackRock, Vanguard and State Street have not publicly disclosed votes.
- Shareholders will decide at Tesla’s Nov. 6 annual meeting in Texas, where company rules allow Musk to vote his own large stake, and retail investors are expected to be an influential bloc.
- The proposed 10‑year plan could grant Musk up to about $1 trillion in stock if milestones are met, including an $8.5 trillion market value and large deployments of robotaxis and Optimus robots, potentially lifting his ownership above 25% and expanding his voting power.
- Tesla’s board frames approval as necessary to retain Musk, while critics point to dilution, outsized control and the Delaware court ruling that voided his 2018 pay plan; Tesla shares fell in premarket trading after Norway’s fund disclosed its opposition.