Tesla Shareholders Vote To Reapprove Elon Musk’s Massive Pay — But Courts May Thwart Him From Raking In The Dough

Tesla shareholders voted to reaffirm a large pay package for Elon Musk estimated to be worth over $48 billion dollars on Thursday.

Musk’s package was put to a shareholder vote after Chancellor Kathaleen St. Jude McCormick ruled Jan. 30 that the board of directors for the electric car company failed to provide sufficient justification for the payout to Musk, who also owns X, the social media site formerly known as Twitter, and is CEO of SpaceX, according to USA Today. Shareholders also approved a plan to reincorporate the carmaker in Texas at the meeting where Musk’s compensation, now estimated to be worth $48 billion, was reaffirmed, The Wall Street Journal reported.

The compensation package had previously been worth as much as $56 billion when it was challenged by a shareholder under a provision of Delaware law, according to court documents.

Musk previously moved SpaceX to Texas after the Delaware judge’s ruling, posting an image of a letter from Texas Secretary of State Jane Nelson making the move official on Feb. 14. Musk took a shot at Delaware as he announced SpaceX’s reincorporation.