Tesla stock jumps after Musk says shareholders backed pay package

Tesla Inc. shares jumped after Elon Musk said shareholders voted “by wide margins” in favor of reapproving his compensation package and moving the company’s state of incorporation to Texas. The chief executive officer posted voting results on X, the social media site he owns, hours before shareholder voting ended and ahead of Tesla’s annual meeting Thursday in Austin. He shared two charts suggesting the proposals had been approved. Tesla shares rose as much as 7.

” “This doesn’t fully settle the matter; the compensation package can still be deemed illegal,” Piper Sandler analyst Alexander Potter wrote in a note to clients late Wednesday. “We expect the stock to respond favorably to this news, though the upside is perhaps unlikely to be as violent as the downside would have been, had shareholders rejected the deal.

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