Elon Musk Wins Back His $44.9 Billion Tesla Pay Package In Shareholder Vote

DETROIT (AP) — Tesla shareholders have voted to restore CEO Elon Musk’s record $44.9 billion pay package that was thrown out by a Delaware judge earlier this year.

Vote totals were not immediately announced.

The favorable vote doesn’t mean CEO Musk will get the all-stock compensation anytime soon.

The package is likely to remain tied up in the Delaware Chancery Court for months as Tesla appeals the rejection.

The court ruled in January that Musk essentially controlled the Tesla board when it approved the package in 2018, and that it failed to fully inform shareholders who approved it the same year.

Tesla has said it would appeal, but asked shareholders to reapprove the package at Thursday’s annual meeting.

More about: