Elon Musk said late Wednesday night that Tesla shareholders are expected to approve a massive $56 billion compensation package that was rejected by a Delaware court earlier this year.
in post Musk said on his social media platform X that the votes on his compensation package and the relaunch of the electric car company in Texas passed by “large margins.”
He presented two charts showing that votes in favor of both bills exceeded the level needed to ensure a “certain victory.”
“Thank you for your support,” Musk added in the post.
A controversial 2018 compensation deal was invalidated in January by a Delaware judge because it wasn’t fairly negotiated.
A group of Tesla shareholders had sued over a compensation package that gave Musk 1 percent of the company for each of 12 stock price and sales targets finally met.
They argued that Musk’s huge compensation package, which would have increased his control over Tesla from 21 percent to 28 percent, was approved because he effectively controlled the board.
In her ruling, Judge Kathleen McCormick of the Court of Chancery, who rejected the agreement, said the bonus was the largest in the history of a private U.S. company.
Shortly after the ruling, Musk announced plans to hold a shareholder vote on whether to relocate Tesla’s corporate headquarters to Texas.
“Don’t incorporate in Delaware,” he said in a post on X at the time.
He later relocated his spacecraft and satellite communications company SpaceX and neurotechnology company Neuralink from Delaware to Texas.
