10:34 AM EDT, 06/12/2024 (MT Newswires) -- Tesla (TSLA) Chief Executive Officer Elon Musk's $56 billion pay package got a vote of approval from the Florida State Board of Administration.

"Equity plan exhibits very high levels of pay-for-performance and requires the attainment of strict performance objectives with a strong performance orientation," according to meeting notes posted on the board's website Wednesday.

The board voted against Tesla director Kimbal Musk due to independence concerns and opposed Tesla's plan to move its headquarters to Texas.

Shares of Tesla rose 2.9% in recent Wednesday trading.

Price: 175.54, Change: +4.88, Percent Change: +2.86