Overview
- Norges Bank Investment Management, holding roughly 1.1–1.16% of Tesla, said it will vote no, citing the award’s size, dilution and insufficient safeguards against key‑person risk, and disclosed its decision two days before the meeting.
- Tesla’s proposal could grant Musk up to about 12% of the company in roughly a dozen performance‑based tranches tied to aggressive targets for production, stock price and operating profits.
- Proxy advisers Glass Lewis and ISS have urged shareholders to reject the plan, several large pension funds have publicly opposed it, and some investors such as Baron Capital have declared support.
- Tesla shares fell about 4% on Tuesday as uncertainty over the outcome grew, and major index investors including BlackRock, Vanguard and State Street have not disclosed their votes.
- The showdown follows a $56 billion Musk award that shareholders backed last year before a Delaware court voided it, as Chair Robyn Denholm frames the new vote as crucial to retaining Musk and he has warned he could step down if it fails.