NEW: Tesla shareholders vote to restore Elon Musk's $44.9 billion pay package

Another vote that occurred at the meeting was to move Tesla’s home state from Delaware to Texas, which passed.

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Hannah Nightingale Washington DC
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Shareholders at Tesla’s annual meeting in Austin, Texas on Thursday voted to reinstate CEO Elon Musk’s $44.9 billion pay package. The package was tossed out by a Delaware judge earlier in the year.

According to the Associated Press, the shareholders voted to restore Musk’s compensation plan that had initially been approved six years ago by the board and stockholders.

The package was last valued by Tesla at $44.9 million in a regulatory filing, but was once worth as much as $56 million, dropping in value alongside Tesla’s stock.

Judge Kathaleen McCormick called the pay "unfathomable, and in January found that Tesla’s board members had lacked independence from Musk when the initial vote on the pay plan occurred, and that the board members didn’t give shareholders the full details before the vote, according to CNBC.

AP reported that Musk’s package "is likely to remain tied up in the Delaware Chancery Court and Supreme Court for months as Tesla tries to overturn the rejection."

Another vote that occurred at the meeting was to move Tesla’s home state from Delaware to Texas, which passed.

“It's incredible,” Musk told the crowd gathered at Tesla’s headquarters in Austin. “I think we’re not just opening a new chapter for Tesla, we’re starting a new book.”

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