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Tesla says self-driving taxis will power its growth, but the company hasn’t said when such a service would be ready or how much it would...

The vote was seen as a referendum on his management of the electric car maker and on the limits of executive pay.

The vote is seen as a referendum on the limits of executive pay and the accountability of Silicon Valley billionaires.

The company’s board of directors will now decide whether to appeal the decision, change where Tesla is incorporated or negotiate a new pay package.

Shareholders had sued, arguing that Mr. Musk’s compensation — which helped make him the world’s richest person — was excessive.

Shareholders’ lawyers challenged the board’s contention that Elon Musk’s record-setting compensation was deserved and an effective tool of motivation.

While sales are still skewed toward affluent buyers, more people are choosing electric vehicles to save money.