Tesla investors back $56bn Musk pay deal

Tesla shareholders have approved Elon Musk’s $56 billion pay package and the relocation of Tesla’s legal headquarters to Texas.

This decision came after a judge in Delaware blocked the pay deal, calling it unfair and flawed.

Despite the vote, legal experts are uncertain if the court will accept the re-vote and restore the pay package. The compensation plan, tied to Tesla's performance goals, has been criticized for the board’s close ties to Musk.

Musk rallied shareholder support, particularly from individual investors. Following the announcement, Tesla shares rose nearly 3%. Shareholders also re-elected James Murdoch and Kimbal Musk to the board.