Tesla shareholders approve Elon Musk’s record pay deal and move to Texas

Tesla shareholders have voted both to reapprove a pay package for chief executive Elon Musk once valued at $56bn and to reincorporate the electric-vehicle maker in Texas, handing him significant victories as he seeks to reassert control over the company.

The preliminary results, announced at Tesla’s annual meeting in Austin on Thursday, will strengthen the company’s hand as it attempts to overturn a January decision by a Delaware court to void the 2018 package of stock options — the largest in US history — due to concerns about its value and the independence of the board.