Tesla Investors Get Behind Musk’s Fight for $56 Billion Pay Deal

Tesla Inc. investors re-approved Elon Musk’s compensation and cleared the company moving its legal home to Texas, offering votes of confidence in the chief executive despite a sales slump and falling stock price.

The proposal to ratify an award of stock options worth up to $55.8 billion passed with around 72% of votes cast in favor, Tesla said in a regulatory filing Friday. That’s roughly one percentage point shy of the support Musk received when the company first proposed the pay package in 2018.

The pay vote is only advisory and doesn’t guarantee Musk will get his stock options. ...