In a bid to rally shareholder participation, Tesla CEO Elon Musk has called on Tesla shareholders to cast their votes ahead of the company's annual meeting scheduled for Thursday. Musk's appeal comes as Norway's sovereign wealth fund, Norges Bank Investment Management, announced its decision to vote against Musk's proposed $56 billion compensation package.

Musk took to Twitter to emphasize the importance of shareholder engagement and sought feedback on any voting issues encountered. He encouraged shareholders, stating, "Please take a moment to vote your Tesla shares before the annual meeting on Thursday. Lmk in comments if you encounter any issues." In response to a tweet from Tesla, highlighting a tour opportunity for shareholders who vote their shares, Musk further promoted the incentive.

The Tesla CEO also expressed dissatisfaction with Norway's sovereign wealth fund's potential sale of its Tesla shares, remarking, "Yeah, this is not cool. If they actually surveyed their constituents, they would discover overwhelming support in favor."

Norges Bank Investment Management, responsible for managing the Norwegian sovereign wealth fund, declared its opposition to Musk's substantial CEO compensation package. This development adds further complexity to Tesla's upcoming annual meeting.

Elon Musk noted that despite complications faced by shareholders whose shares are held by institutions, about 90% of retail investors who have voted have shown support for his proposed compensation package. Musk also criticized the influence of proxy advisory firms, ISS and Glass Lewis, claiming that they have "zero economic alignment with actual shareholders."

Tesla's board has been working to regain Musk's full attention amidst his involvement in various ventures. The board seeks to reinstate a record compensation package from 2018 that was overturned by a Delaware judge. The recent advice from Glass Lewis & Co. advising shareholders to vote against Musk's proposed compensation package, citing its "excessive size" and potential dilutive impact, adds to the challenges faced by the Tesla board.

Elon Musk's call for shareholder votes underscores the significance of retail investors' participation in corporate decisions. The outcome of the annual meeting will have significant implications for Tesla's future direction and Musk's role within the company. As the voting deadline approaches, all eyes will be on the decisions made by Tesla's shareholders.