AUSTIN, Texas – Tesla shareholders have voted to reinstate CEO Elon Musk’s $44.9 billion pay package, showcasing strong confidence in his leadership of the electric vehicle company. The decision does not guarantee immediate access to the compensation, as legal battles in Delaware’s Chancery Court and Supreme Court are expected to continue.

Musk has expressed concerns about his future at Tesla, stating on social media his desire for a 25% stake in the company to prevent him from pursuing artificial intelligence ventures elsewhere. He believes a higher stake is necessary to control the use of AI.

During Tesla’s annual meeting in Austin, Texas, Musk assured shareholders of his commitment to the company, noting that he cannot sell any stock from the compensation package for five years. Shareholders voted in favor of the compensation plan, originally approved by the board and stockholders six years ago.

While the package was valued at $44.9 billion in April, its worth has declined alongside Tesla’s stock, which has dropped approximately 25% this year. The legal battle stems from a ruling in January that questioned the transparency of the 2018 compensation package approval process.

Moreover, shareholders also approved relocating the company’s legal headquarters to Texas to avoid Delaware courts, where Tesla is currently registered.

Legal experts suggest that the recent shareholder vote may not immediately impact the ongoing legal dispute, but it could strengthen Tesla’s position in attempting to overturn the previous ruling. Musk and Tesla are expected to argue that shareholders were adequately informed before the recent votes, urging the judge in Delaware to reconsider her decision.

Despite opposition from institutional investors, individual shareholders’ votes likely tipped the scales in favor of Musk’s pay package. Following the announcement of the vote results, Tesla’s stock rose by 3% at market close.

Musk also shared updates on Tesla’s “Full Self-Driving” system and the progress of the company’s humanoid robot project during the meeting. The optimism surrounding Tesla’s future development projects indicates a continued focus on innovation and technological advancement.