Overview
- Government Pension Fund Global holds about 1.14% of Tesla, placing it among the company’s top shareholders.
- The board proposes a 10-year, performance-based stock award that could exceed $1 trillion in value and expand outstanding capital by up to 12% if targets are met.
- Shareholders are set to decide on the package at Tesla’s annual meeting on Thursday in Austin, Texas.
- Tesla chair Robyn Denholm has called the vote essential to retaining Elon Musk, and Musk has threatened to resign if shareholders block the award again.
- The vote comes after a prior $56 billion Musk package was approved by investors but struck down by Delaware’s Chancery Court, with proxy advisers Glass Lewis and ISS now urging investors to reject the new plan and Tesla pursuing an appeal.