Elon Musk secured approval for a controversial compensation package during Tesla's annual general meeting, held at 11 p.m. (GMT).
Shareholders voted by a "wide margin" in favor of the package, valued at approximately $57.5 billion based on current share prices.
This decision followed Musk's earlier announcement of shareholder support leading up to the meeting.
The package, initially awarded to Musk in 2018, had previously faced legal challenges but was ultimately left to shareholder decision.
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While the court had questioned the package's validity, shareholder approval does not grant immediate access to the funds. However, it strengthens Musk's and Tesla's position in the ongoing legal process.
Some shareholders described it as a necessary incentive to keep Musk at the company.
Critics, including shareholders like the Norwegian oil fund and California's state teachers' retirement system, labeled the compensation "absurd," as reported by TV4 Nyheterna.
Additionally, the meeting approved the relocation of the company's registration from Delaware to Texas, where Tesla's headquarters are now located.
Following the approval of his new replacement, Musk exclaimed, "Damn, I love you guys."
Tesla has actively lobbied for this approval, including through posts on X, a platform owned by Musk.
