The vote comes after a top shareholder, Norway's sovereign wealth fund, said it would vote against the pay package.

Shareholders approved a plan to grant Mr. Musk shares worth nearly $1 trillion if he meets ambitious goals, including vastly expanding the company’s stock market valuation.

The decision, experts say, amounts to a referendum on whether traditional corporate-governance rules apply to the world's richest man.

The number of Teslas sold in the January-October period dropped 50.4% to 15,595 units, compared with the same period last year.