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Core Scientific urges shareholders to approve $9 billion CoreWeave merger

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Core Scientific’s board has called on shareholders to vote in favor of its proposed $9 billion all-stock sale to CoreWeave, saying the merger would deliver long-term growth and risk reduction benefits for the crypto miner.

In an investor presentation released Wednesday, the board said it had “unanimously determined” that the deal represented the best outcome for all shareholders. The merger, announced in July, values Core Scientific at $20.40 per share and would combine its energy-intensive mining infrastructure with CoreWeave’s AI-focused data center network.

The deal promises significant cost savings, operational synergies, and improved access to capital, according to the company. CoreWeave, a fast-growing cloud provider powered by Nvidia AI chips, would integrate Core Scientific’s facilities to support large-scale AI model training — an increasingly valuable use case as demand for compute power surges.

However, the proposal faces pushback from Two Seas Capital, Core Scientific’s largest shareholder with a 6.3% stake, which said it plans to vote against the deal, arguing it “materially undervalues” the company and poses “substantial economic risk” to investors.

Core Scientific said the transaction would help it diversify beyond cryptocurrency mining and strengthen its position in the fast-growing AI infrastructure market.

Tesla’s $1 Trillion Musk Pay Package Faces Criticism but Likely to Win Shareholder Backing

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Tesla’s board has approved a record-breaking $1 trillion compensation plan for CEO Elon Musk, designed to lock him into the company for the next decade as it pivots toward AI and robotics. Despite the staggering figure, analysts and pay experts say the plan will likely secure shareholder approval at November’s annual meeting, given Musk’s track record and Tesla’s reliance on him.

The package grants Musk 96 million restricted shares worth $31 billion upfront, vesting over two years, plus 12 additional tranches tied to ambitious earnings and market-cap milestones. If all targets are met, Musk’s stake could rise from 13% to 25%, positioning Tesla for a potential $8.5 trillion valuation—larger than Microsoft, Alphabet, and Meta combined today.

Tesla’s board defended the deal, saying Musk is “the only person on the planet” capable of unlocking the company’s potential. Negotiations reportedly involved 37 meetings with lawyers and 10 with Musk, during which Musk insisted on significant control, partial repayment for his voided $56 billion 2018 package, and assurances he wouldn’t be sidelined.

Supporters argue the plan gives Musk incentive to stay and aligns payouts with extraordinary growth. Critics call it excessive corporate governance failure, with unions and pension funds urging rejection. “This is investor money that could go into R&D or acquisitions,” said Kristin Hull of Nia Impact Capital, who signaled a possible shareholder challenge.

Large funds—Vanguard, BlackRock, and State Street—have yet to reveal their votes, though history suggests at least two may back Musk. Meanwhile, Tesla’s stock closed 3.6% higher at $350.84 Friday but remains down 13% in 2025, reflecting weak EV demand and rising competition.

The deal’s sheer scale, combining AI ambition, governance controversy, and Musk’s polarizing persona, ensures it will dominate investor debates well beyond November’s vote.

Siemens Investor Deka to Vote Against Jim Hagemann Snabe’s Reelection as Chairman

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Deka Investment, a shareholder of Siemens, has announced it will vote against the reelection of Jim Hagemann Snabe as chairman at the German engineering company’s upcoming shareholder meeting on Thursday. Snabe, who has served on Siemens’ supervisory board since 2013 and as chairman since 2018, is seeking an additional two-year term.

Deka, which owns 0.79% of Siemens and is the 11th largest investor in the company, raised concerns about Snabe’s continued leadership. Ingo Speich, head of sustainability and corporate governance at Deka, stated that Snabe’s decade-long tenure means he no longer meets the company’s criteria for independence. The fund manager’s objections were first revealed in an interview with The Market, a German news portal.

Snabe, who previously served as CEO of SAP, had stated in December 2024 that he intended to stay on as chairman for two more years to oversee his succession. Former Nestlé and Fresenius CEO Mark Schneider has been suggested as a potential successor and is up for election to Siemens’ board on Thursday.

Despite Deka’s opposition, Snabe remarked that his discussions with investors and proxy advisers had yielded positive feedback, and he had not encountered any significant opposition to his proposed extension.