Tesla CEO Elon Musk said a shareholder vote on a record dividend to billionaires and plans to move the company’s headquarters to Texas “is now overwhelmingly approved.”
Tesla shareholders voted on several proposals, including one that could confirm Musk’s compensation package, worth $56 billion (£43.8 billion) when first agreed in 2018.
The company is due to formally announce the results of the vote at a meeting on Thursday.
In a post on social platform X, formerly known as Twitter, Musk thanked his supporters.
But legal experts say it’s unclear whether the court that blocked the package will accept a non-binding reversal and allow the company to reinstate the pay package.
Earlier this year, a Delaware judge invalidated the settlement agreement after individual investors filed suit.
The judge ruled that the amount was “unfair” and that the process by which the Musk-led board set the package was “seriously flawed.”
Tesla criticized the decision as “fundamentally unfair and contrary to the will of its shareholders.”
The company then put the deal up for a vote and asked shareholders to support a plan to reincorporate the company outside Delaware.
The board said Musk deserved the package because Tesla was achieving its ambitious goals under his leadership and because he needed to remain loyal to the company.
Tesla executives also voiced their support for the package in social media posts, saying Musk had been essential to the company’s success.
Meanwhile, Musk promised some supporting shareholders private tours of Tesla’s factory in Texas.
The package, worth an estimated 300 times the salary of America’s highest-earning boss last year, was backed by 73 percent of shareholders who voted six years ago.