A huge run-up in the stock’s value followed a 2018 vote on Elon Musk’s compensation package. But investors have recently become less enamored.

The Tesla shareholder vote over Elon Musk’s pay is in some ways a referendum on the performance of the company and its chief executive.

Late on Wednesday, Mr. Musk claimed victory in a social media post, saying that votes in favor of his pay package were leading by “wide margins,” giving Tesla’s stock a boost. But even before the official results are announced on Thursday, Tesla’s flagging stock price shows that investors have plenty of doubts about Mr. Musk and the electric carmaker’s outlook.

Tesla’s shares are down nearly 30 percent this year, even as the broader stock market is up 14 percent. At its peak in 2021, the stock market value of Tesla was $1.2 trillion, putting it in the company of tech giants like Microsoft, Apple and Google.

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