Tesla Shareholders Approve Big Stock Package for Musk

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Tesla shareholders have reaffirmed a pay award of more than $45 billion for Elon Musk, the chief executive, after it was thrown out in a legal challenge. The vote result, announced at Tesla’s annual meeting at its headquarters in Austin, Texas, on Thursday, is a strong sign that shareholders still believe in Mr. Musk and it could persuade the judge who voided the award to reinstate it. Support for the pay plan will come as a relief to Mr. Musk’s admirers, who feared that rejection would prompt him to spend less time managing Tesla or even quit. The vote was a setback for investors who had hoped it would send a message about the accountability of chief executives and the limits of executive pay. The outcome may also help Mr. Musk qualify as the world’s richest person, worth well over $200 billion.