Musk wins shareholder approval for $56 billion pay package

Tesla shareholders approved CEO Elon Musk’s $56 billion pay package, the electric vehicle maker said on Thursday, a big thumbs-up to his leadership and an incentive to keep his focus on his biggest source of wealth. The approval underscores the support that Musk enjoys from Tesla’s retail investor base, many of whom are vocal fans of the mercurial billionaire. The proposal passed despite opposition from some large institutional investors and proxy firms.

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