I'll wait for the financial analysts that I both trust, and I know hate Musk, before I have any confidence in answering that question.

But... my best uninformed guess is that it's less fanboy worship, and more fear that Musk is the only thing propping up the insane stock valuation.

I'm assuming that Musk has a complex web of possibly illegal and highly engineered financial instruments that keep that stock pumping, or at least, not crashing - yet.

Maybe those who voted to approve might be aware, or involved, in that house of cards and believe removing Musk would be akin to blowing on it.

But I'm just pulling all of this out of my ass, so who knows...

It might be as simple as the majority of Tesla shareholders who voted to approve, including the institutional ones, are really just submental morons.