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Musk’s $2.6 Billion Award Cheered on by Big Tesla Shareholders

March 7, 2018, 7:54 PM

Two of Tesla Inc.’s largest shareholders are supporting a plan to award Elon Musk a compensation package valued at $2.6 billion, a show of confidence in the electric-car maker’s bid to keep its visionary CEO around for the long haul.

Baillie Gifford & Co. and T. Rowe Price Group Inc., which combined own about 14 percent of Tesla stock, indicated to Bloomberg News that they’ll vote in favor of the board’s proposal at the March 21 special meeting.

The unprecedented pay package, which could significantly dilute shareholders, would likely have slim chances of getting passed at any other company. Proxy ...