Elon Musk’s “Billion Dollar Dance” as Tesla Shareholders Restore $56 Billion Pay Package

Tesla shareholders this week voted in favor of a massive compensation package for CEO Elon Musk, indicating that the billionaire will continue to lead the electric vehicle maker.

Based on preliminary voting results, investors supported a plan for up to $56 billion for Musk, Corporate Secretary Brandon Ehrhart said at Tesla’s annual meeting in Austin, Texas, on Thursday. The proposal was approved despite opposition from some large institutional investors and proxy companies.

A judge nullified the package earlier this year, but the latest vote by Tesla shareholders overturned that decision.

In a video posted on Musk-owned X, the 52-year-old billionaire was seen dancing after the pay package was announced.

The short clip shows him entering the stage, visibly excited, raising his fists in the air and doing some jumps and a dance as the crowd cheered and chanted his name.

“Elon Musk’s dance is [fire]. Tesla shareholders have spoken,” wrote the user who shared the video on X.

Elon Musk’s dance is ????. Tesla shareholders have spoken. pic.twitter.com/GiLWOtt8ZI

– Tesla Owners in Silicon Valley (@teslaownersSV) June 13, 2024

One user commented on the post: “God bless you! He is such a good human being! He deserved his money, he deserved it!!!”

God bless you! He is such a good human being! He deserved his money, he deserved it!!!

– Beansmom4ever (@beansmom4ever) June 13, 2024

There were some comments that connected Tesla’s new move to Twitter.

Is Elon happy that he got some money to keep paying for Twitter????

-Adnan Belushi (@adnanbelushi) June 13, 2024

“Elon has moves like Jagger. Tesla shareholders know he is the real deal,” one comment read.

Elon has moves like Jagger. Tesla shareholders know he is the real deal. ????

— Crypto Empire | AMA + Spaces (@ Empire8x) June 13, 2024

Many social media users called it the “billion dollar dance.”

This is called the 56 billion dollar dance.

– Chris (@flyrogo) June 13, 2024

The compensation plan, originally approved by Tesla’s board and shareholders six years ago, aims to reward Elon Musk based on the company’s performance metrics.

The board of the world’s largest electric vehicle maker argued at the time that its leadership was needed to achieve ambitious goals and that the package would maintain its dedication to Tesla.

Shareholders also approved Tesla’s move from Delaware to Texas, aligning with the company’s operating base.

Despite the favorable vote from shareholders, the legal battle over Elon Musk’s remuneration is far from over. The package is still pending in the Delaware Court of Chancery and the Supreme Court as Tesla seeks to overturn the initial rejection.

Legal experts believe the outcome will depend on whether Tesla adequately informs shareholders about the details of the package.