Tesla said shareholders voted in favour of CEO Elon Musk’s almost $US1 trillion pay plan, with 75 per cent support.

Board members recommended shareholders approve the pay plan, which they introduced in September. Top proxy advisors Glass Lewis and ISS recommended voting against it.

Results of the vote were announced on Thursday at the company’s annual shareholders meeting in Austin, Texas.

The package for Mr Musk, already the world’s richest person, consists of 12 tranches of shares to be granted if Tesla hits certain milestones over the next decade. It would also give Mr Musk increased voting power over the company, acceding to demands that he’s made publicly since early 2024.

The full award would give Mr Musk, who already holds about 13 per cent of the EV maker, more than 423 million

See Full Page