Musk says Tesla shareholders are on track to approve massive pay package

Elon Musk said Wednesday night that Tesla shareholders are on track to approve a massive pay package worth up to $56 billion, after it was overturned by a Delaware judge earlier this year.

In a post on his social media platform X, Musk said votes on both his pay package and the electric vehicle company’s reincorporation in Texas were passing by “wide margins.”

He shared two graphs showing that votes in favor of both measures exceeded the level needed to guarantee a “guaranteed victory.”

“Thank you for your support,” Musk added in the post.

The controversial 2018 compensation agreement was voided by a Delaware judge in January, who concluded it was not negotiated fairly.

A group of Tesla shareholders sued over the pay package, which granted Musk a 1% stake in the company for each of 12 share price and revenue milestones that were ultimately reached.

They argued that the massive pay package, which would see Musk’s control over Tesla increase from 21% to 28%, was approved because Musk effectively controlled the board.

Chancery Judge Kathaleen McCormick, who upheld the agreement, said in her decision that the bonus award was the largest ever in the history of private U.S. companies.

Musk announced his plans to hold a shareholder vote on moving Tesla’s incorporation to Texas shortly after the decision.

“Never incorporate your company in the state of Delaware,” he said in an X post at the time.

Since then, he has also moved the incorporation location of his spacecraft and satellite communications company SpaceX and his neurotechnology company Neuralink from Delaware to Texas.

This story originally appeared on thehill.com read the full story