Elon Musk won a massively lucrative victory on Wednesday as Tesla shareholders reapproved his monster pay package, which was initially worth up to $56 billion and was struck down by a judge earlier this year.
An April regulatory filing by Tesla dropped the value of the pay package to $44.9 billion, according to the Associated Press, citing a downward spiral in Tesla stock over the last year–it has dropped approximately 40%.
Investors also agreed with the billionaire’s push to reincorporate the company in Texas and ditch its former base in Delaware. Musk was furious at the state’s court system after the judge nullified his compensation agreement.
Musk had signaled on X late Wednesday that he expected the proposals to succeed. At the time, both were “passing by wide margins!” he wrote, adding “♥️♥️ Thanks for your support!! ♥️♥️”
Despite the early victory lap, approval wasn’t a guarantee. Shareholders were able to change their votes before the start of Tesla’s annual meeting at the company’s headquarters in Austin on Thursday, according to Reuters.
Musk, who is estimated to be worth around $210 billion, could still face legal hurdles to making his pay package a reality.
In January, a Delaware judge blocked the compensation package—which was originally passed in 2018—arguing that the process by which it had been reached was unfair and involved sham negotiations.
Musk reacted furiously to the decision. “Never incorporate your company in the state of Delaware,” he posted. He then ran a poll on X asking if Tesla should “change its state of incorporation to Texas,” which received an overwhelming “Yes” vote from his followers on the platform.
Among those who congratulated Musk on the shareholder votes was Texas’ Republican Gov. Greg Abbott. “Congrats Elon on getting the pay you were promised and on your new incorporation in Texas,” Abbott wrote. “Welcome to a state that has neither a personal nor a corporate income tax.”
