Tesla investors have overwhelmingly backed Elon Musk’s $1tn pay deal, hoping that the prospect of the largest payday in corporate history will persuade the billionaire to focus his attention on the electric vehicle maker.
The package, which could add as much as 12 per cent to Musk’s ownership stake through equity awards, was approved by a majority of 75 per cent of votes cast at Tesla’s annual meeting at its Texas gigafactory on Thursday.
Shareholders’ anxiety about Musk’s threat to quit as chief executive if the proposal was rejected outweighed governance and societal concerns around the huge pay deal for the world’s richest man.
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