The board continues to unanimously support the competing bid from CrossCountry Mortgage, LLC, which delivers $11.30 per share in certain, immediate, all-cash consideration to every TWO stockholder automatically.
"Our commitment to an enterprise rooted in respect and inclusion is appropriate and necessary," the board said. "The report requested by this proposal would not provide meaningful additional information."
Norway's $2 trillion sovereign wealth fund has voted against Elon Musk's 2025 performance award, which will be ultimately decided at Tesla's upcoming annual shareholder meeting. The fund is managed by Norges Bank Investment Management (NBIM), and it holds a 1.14% stake in Tesla valued at about $11.6 billion. NBIM confirmed it had already cast its vote against Musk's pay package, citing concerns over its total size, dilution, and lack of mitigation of key person risk, as noted in a CNBC report.
Norway's sovereign wealth fund has said it will vote against a $1tn (765bn) pay package for the Tesla chief executive, Elon Musk. The fund, which is the biggest national wealth fund in the world, said that while it appreciated the the significant value created under Mr Musk's visionary role it would vote against his performance award. We are concerned about the total size of the award, dilution and lack of mitigation of key person risk consistent with our views on executive compensation, it said.
