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Tesla shareholders have accepted Elon Musk’s multibillion-dollar compensation package.
The deal is now valued at $44 billion (£34 billion). The package was once worth up to $56 billion (£44 billion), but its value has declined in tandem with Tesla’s stock.
The proposal was approved despite opposition from some major institutional investors and proxy firms.
On stage at the annual shareholder meeting in Austin, Texas, the billionaire described himself as “pathologically optimistic”.
“If I wasn’t optimistic, this factory wouldn’t exist,” Musk said to rousing applause.
“But I do deliver at the end. That is the important thing.”
However, the decision does not end a dispute over the pay package in a Delaware court, which some legal experts say might last months.
Elon Musk cannot keep his $55 billion Tesla salary deal, a judge said.
Musk may potentially face further challenges on the purchase, which would be the largest in American corporate history.
Shareholders had first authorized the bumper pay payout in 2018.
“This thing is not over,” said Brian Quinn, a professor at Boston College Law School.
According to Professor Quinn, the Delaware judge will scrutinize the vote and compel Tesla to demonstrate that the process was not coerced or illegally influenced by Musk.
Shareholders also accepted a plan to relocate the company’s legal headquarters to Texas from Delaware.
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