Tesla Vote Lifts Cloud Off Stock Even as Deeper Woes Lie Ahead
- Stock’s high valuation requires Tesla to deliver on AI promise
- Vote removes a $20-$25 overhang on the stock, Wedbush says
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Signs that Tesla Inc. shareholders are set to approve a $56 billion pay package for Elon Musk have given the stock a boost, but the electric vehicle-maker faces broader challenges.
Musk late on Wednesday posted early results on X, the social media site he owns, and said shareholders voted “by wide margins” in favor of the two key resolutions — re-approving his compensation package and moving Tesla’s state of incorporation to Texas. The shares gained in afternoon trading, with final results due later Thursday.