Tesla shareholders approve $56 billion pay package

The approval marks a significant win for Musk, who had campaigned for the package's reinstatement after a Delaware judge nullified it in January

Tesla CEO Elon Musk was elated after retail investors approved his controversial $56 billion pay package during the company’s shareholder meeting in Austin, Texas.

Following the approval of his pay package, a jubilated Musk appeared on stage and said, “I just want to start off by saying, hot damn, I love you guys!”

“We have the most awesome shareholder base. I mean it’s just incredible,” Musk added.

The approval marks a significant win for Musk, who had campaigned for the package's reinstatement after a Delaware judge nullified it in January, citing flaws in the original approval process due to insufficient independent oversight.