Tesla says shareholders approve Musk's $1 trillion pay plan with over 75% voting in favor

In a significant move, Tesla shareholders have overwhelmingly backed CEO Elon Musk's proposed pay package, which is valued at nearly $1 trillion. The vote, reflecting a robust 75% approval rate, underscores the confidence investors have in Musk's leadership. The pay plan, introduced by the board in September, received a recommendation for approval from the board members. However, it faced opposition from leading proxy advisory firms Glass Lewis and ISS, who suggested shareholders reject the proposal. The results of this pivotal vote were unveiled during Tesla's annual shareholders meeting held in Austin, Texas, on Thursday, marking a crucial moment in the company’s trajectory. As developments unfold, updates will continue to be provided on this story.