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Big Tesla Shareholders Back Musk’s $2.6 Billion Pay Package

  • Baillie Gifford, T. Rowe Price supportive of compensation plan
  • Proxy adviser Glass Lewis has called payout too costly
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Musk's Proposed Compensation Too Costly
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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 a March 21 special meeting.