Tesla shareholders have again approved Elon Musk's multimillion-dollar pay package several months after he was sued by a Delaware court. During the electric car maker's annual shareholder meeting, the company's shareholders approved a proposal to reset Musk's pay package, which is currently worth around $48 billion, according to .
Delaware Court of Chancery Judge Kathaleen McCormick previously called the Tesla CEO's salary, valued at $56 billion when it was first approved in 2018, an “unfathomable sum.” Musk responded by threatening to move the company's incorporation status to Texas. During Tesla's meeting, shareholders officially approved the move.
Approving Musk's compensation does not guarantee that his spectacular salary will be restored. As Bloomberg notes, the vote does not overturn the judge's initial ruling, but Tesla will almost certainly appeal and point to the latest shareholder vote as proof that the company's shareholders have approved it.
As expected, Musk seemed pleased with the vote. “I just want to start by saying, damn. I love you guys,” he said after taking the stage at the shareholders meeting. He later said that reinstating his salary would not affect his short-term commitment to Tesla. “It is worth emphasizing that it is Tesla shares that I have to own for five years. It's not really cash and I can't run away, nor would I want to.”
