Elon Musk danced with Tesla’s humanoid robot after shareholders approved his $1 trillion pay deal, thrilling audiences at the firm’s annual meeting in Texas

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 board and many investors who lent their endorsement have said the nearly $1 trillion package benefits shareholders in the longer run as Musk must ensure Tesla achieves a series of milestones to ge...