Watch: Elon Musk's ‘Billion-Dollar Dance’ as Tesla shareholders restore $56 billion pay package

Tesla shareholders have voted in favor of a substantial compensation package for CEO Elon Musk, despite opposition from some large institutional investors and proxy firms. The decision, announced at Tesla's annual meeting in Austin, Texas, on Thursday, restores a $56 billion pay package that a judge had nullified earlier this year.

Corporate secretary Brandon Ehrhart confirmed the preliminary vote results, indicating strong investor support for Musk's continued leadership of the electric vehicle maker. “Tesla shareholders have spoken,” Ehrhart said.

Following the announcement, Musk was seen celebrating in a video posted on his social media platform, X. The clip shows the 52-year-old billionaire entering a stage, visibly excited, pumping his fists in the air, performing jumps, and dancing while the crowd cheered and chanted his name. The video was shared by Tesla Owners Silicon Valley, captioned, “Elon Musk dance is [fire]. Tesla shareholders have spoken.”

The compensation plan, initially approved by Tesla's board and shareholders six years ago, aims to reward Musk based on the company’s performance metrics. The board had argued that Musk's leadership was crucial for achieving ambitious targets and that the package would ensure his dedication to Tesla.

In addition to the compensation package, shareholders also approved Tesla's relocation from Delaware to Texas, aligning with the company's operational base.

Despite the favorable vote, the legal battle over Musk's compensation is ongoing. The package remains contested in the Delaware Chancery Court and Supreme Court as Tesla seeks to overturn the initial rejection. Legal experts suggest the outcome will depend on whether Tesla adequately informed shareholders about the package's details.