Elon Musk's $56bn pay package leaves Tesla facing deeper challenges

The apparent approval by Tesla shareholders of Musk's controversial $56bn (€52bn) pay package gave its shares a boost, but the electric vehicle-maker still faces bigger challenges

Tesla chief executive Elon Musk had posted early results on his X/Twitter social media site, and said shareholders voted 'by wide margins' in favour of the two key resolutions. 

The apparent approval by Tesla shareholders of a controversial $56bn (€52bn) pay package for Elon Musk have given the shares a boost, but the electric vehicle-maker faces broader challenges.

Mr Musk had posted early results on X, the social media site he owns, and said shareholders voted “by wide margins” in favour of the two key resolutions — re-approving his compensation package and moving Tesla’s state of incorporation to Texas. The shares had soared almost 3% higher.