Shareholders at Tesla's annual general meeting in Austin approved a 10-year "mega peformance equity award" that could catapult Elon Musk to trillionaire status.

The car-maker is lobbying fiercely for the pay package, which is being voted on ahead of its AGM on Thursday.

Big funds, advisory firms and the Pope oppose the exorbitant plan. Approval means shareholders think the polarizing, distracted CEO can top past successes with an AI-powered…