The deal was blocked earlier this year by a judge in Delaware over concerns it was unfair to shareholders.<\/p>\n
The vote is a victory for the multi-billionaire, who had campaigned fiercely for the payout, which is worth up to $56bn (\u00a343.9bn). The exact amount depends on the Tesla share price.<\/p>\n
“Hot damn, I love you guys,” he told a crowd of enthusiastic shareholders who had gathered in Texas for the firm’s annual meeting.<\/p>\n
The deal is worth an estimated 300 times what the top-earning boss in the US made last year.<\/p>\n
However, the vote is not binding and legal experts have said it is not clear if the court that blocked the deal will accept the re-vote and allow the company to restore the pay package.<\/p>\n
“The vote changes nothing,” said Mathieu Shapiro, a managing partner at law firm Obermayer Rebmann Maxwell & Hippel.<\/p>\n
“It only offers Tesla opportunities to try to use the vote to obtain a better decision going forward.<\/p>\n
\u201cIt will be interesting to see if another court is willing to credit a vote taken after the trial court\u2019s decision.\u201d<\/p>\n
The eye-popping sum had sparked criticism and raised concerns that the board of Tesla was too submissive and close to Mr Musk.<\/p>\n
In the January court ruling, external, Delaware judge Kathaleen McCormick ruled the sum was “unfair” and the process for determining the package, by a board dominated by Mr Musk, was “deeply flawed”.<\/p>\n
Chancellor McCormick had pointed out that Antonio Gracias, who had been a board director at Tesla, had “the sort of personal relationship that had him vacationing with Musk\u2019s family on a regular basis”.<\/p>\n
She also highlighted Todd Maron, Tesla’s former general counsel, “who was Musk\u2019s former divorce attorney and whose admiration for Musk moved him to tears during his deposition”.<\/p>\n
Mr Musk announced that he wanted to move the firm’s legal headquarters to Texas after the court in Delaware, where it is currently incorporated, voided his pay package, siding with a small investor who had sued over the deal.<\/p>\n
The fight over the plan had aired concerns about Mr Musk’s leadership, at a time when Tesla’s share price has fallen from its height and its position in the electric car industry is under pressure.<\/p>\n
But Mr Musk rallied his fan base in support of the deal, appealing particularly to individual investors, who make up an unusually large portion of the firm’s shareholder base.<\/p>\n
“It’s a pretty ringing endorsement,” said car industry analyst Karl Brauer.<\/p>\n
Mr Musk got more than enough shareholder support “to justify the package,” he added.<\/p>\n
The company did not immediately disclose the margin of the vote.<\/p>\n
Mr Musk had previewed the results in a post on his social media company, X, formerly known as Twitter.<\/p>\n
Shares in the company closed up nearly 3% after Mr Musk’s announcement.<\/p>\n
The compensation plan gives Mr Musk rights to roughly 300 million shares – the equivalent to a 10% stake in the firm – as a reward for Tesla meeting a number of goals set out in 2018 which are linked to sales, profits and the share price.<\/p>","protected":false},"excerpt":{"rendered":"
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