Viral Video: Under the dazzling lights of Teslas headquarters in Austin, Texas, Elon Musk, the maverick CEO known for his ambitious visions and bold personality, broke into an impromptu dance. With a gleeful Hot damn, I love you guys, he celebrated a momentous victory. The air buzzed with excitement as Tesla shareholders voted to restore his monumental $44.9 billion (£35 billion) pay package. Celebration at Tesla HQThis package had previously been rejected by a judge earlier this year. The shareholders vote took place at Teslas headquarters in Austin, Texas, with Musk expressing his excitement to the assembled crowd.What was shareholders decisionThe compensation plan, initially approved by Teslas board and stockholders six years ago, received renewed approval from the shareholders. Musk expressed his gratitude and enthusiasm, stating, Its incredible. I think were not just opening a new chapter for Tesla.Watch Elons joyfull reaction here:Elon Musk dance is 🔥. Tesla shareholders have spoken. pic.twitter.com/GiLWOtt8ZI— Tesla Owners Silicon Valley (@teslaownersSV) June 13, 2024Enormous pay packageMusks compensation package is worth approximately 300 times what the highest-earning executive in the US made last year, though its exact value depends on Teslas share price. The board justified the package by highlighting Teslas impressive achievements under Musks leadership, asserting that it is crucial to keep him committed to the company.Despite the favorable vote, Musk may not receive his all-stock compensation immediately. The package is expected to remain entangled in legal proceedings in the Delaware Chancery Court and Supreme Court for several months as Tesla appeals the initial rejection.Tesla last valued the package at $44.9 billion in an April regulatory filing. At one point, its value reached as high as $56 billion (£43.8 billion), but it has since decreased in line with Teslas stock, which has fallen by about 40 percent in the past year.Judges initial rejectionIn January, Judge Kathaleen McCormick ruled against Musks pay package in a shareholder lawsuit. She determined that Musk essentially controlled the Tesla board when it ratified the package in 2018 and that shareholders were not fully informed when they approved it.
