In January, a judge in Delaware denied the proposed compensation plan for Tesla’s CEO

Theo Wargo/Getty Elon Musk in 2021Theo Wargo/Getty Elon Musk in 2021

Theo Wargo/Getty Elon Musk in 2021

Elon Musk is getting another huge reward.

On Thursday, June 13, CBS News and CNBC announced that the businessman had been approved for a significant pay package worth $46 billion, which was previously denied by a Delaware judge in January and ultimately voted on by Tesla shareholders at their annual meeting in Austin . .

Musk, 52, was eligible for a pay package reinstatement, and the SEC reported that 77% of voters approved Musk’s payout. The salary deal apparently delighted the SpaceX founder, with the outcome of the vote resulting in a standing ovation, CBS News reported.

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Elon Musk in 2023

“Damn, I love you guys,” Musk said at the shareholders meeting when the announcement was made, according to CBS News. “It’s incredible. I think we’re not only opening a new chapter for Tesla, we’re starting a new book,” he added, continuing: “We’re starting to make a really noticeable dent in CO2 emissions .”

Related: Jeff Bezos Overtakes Elon Musk to Become the World’s Richest Person with an Estimated Net Worth of $200 Billion

The entrepreneur also told stakeholders that he planned to stay for five years because until then he cannot sell shares that are part of his salary agreement. “It’s not actually cash, and I can’t stop using it, nor would I want to,” he explained of the deal.

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Musk owns roughly 13% of Tesla stock, which is worth $73 billion, and about $71 billion worth of shares in SpaceX, according to CBS News.

According to the Bloomberg According to the latest Billionaire Index valuation, which was updated on June 13, Musk’s net worth is $203 billion.

ANGELA WEISS/AFP via Getty Elon Musk in 2022ANGELA WEISS/AFP via Getty Elon Musk in 2022

ANGELA WEISS/AFP via Getty Elon Musk in 2022

In January, a Delaware judge ruled that Musk was not entitled to the enormous pay package. Tesla previously approved the package in 2018, making it the “largest potential compensation opportunity ever seen in the public market, by several orders of magnitude.”

Judge Kathaleen St. J. McCormick of the Delaware Chancery Court ruled that the compensation package was “deeply flawed” because he had “extensive ties to the individuals charged with negotiating on Tesla’s behalf.” Ultimately, Tesla’s board could not prove the compensation plan was fair, noting that Musk had not been paid by Tesla since 2019.

Related: Elon Musk Tells Companies That Want to ‘Blackmail’ Him With Ads to ‘Go F— Yourself’

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Although this deal has been approved, there may be delays in Musk receiving the payout. Tesla will work to overturn the Delaware judge’s rejection in January to ensure Musk is compensated as the company had planned.

“Elon has not been paid over the past six years for his work at Tesla that has helped generate significant growth and shareholder value,” Tesla Chairman Robyn Denholm wrote in a statement on Tesla’s website, urging shareholders to consider the proposed ratify compensation plan. for Musk.

Denholm added that the conditions at the time were “fundamentally unfair and inconsistent with the will of the shareholders who voted for it.”

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