Elon Musk dancing following the announcement of the pay package.

Tesla shareholders this week voted in favor of a huge compensation package for CEO Elon Musk indicating that the billionaire will continue to lead the electric vehicle-maker. 

Based on preliminary vote results, investors backed a plan of up to $56 billion for Musk, corporate secretary Brandon Ehrhart said at Tesla’s annual meeting in Austin, Texas on Thursday. The proposal was passed despite opposition from some large institutional investors and proxy firms.

A judge had nullified the package earlier this year, but the latest vote by Tesla’s shareholders overturned that decision.

In a video posted on Musk-owned X, the 52-year-old billionaire was seen dancing following the announcement of the pay package.

The short clip shows him entering a stage, visibly excited, pumping his fists in the air and performing a few jumps and a dance while the crowd cheered and chanted his name. 

“Elon Musk dance is [fire]. Tesla shareholders have spoken,” the user who shared the video on X wrote.

Elon Musk dance is ????. Tesla shareholders have spoken. pic.twitter.com/GiLWOtt8ZI

— Tesla Owners Silicon Valley (@teslaownersSV) June 13, 2024

A user commented on the post, “God bless him! He is such a good human! He deserved his money, he earned it!!!”

God bless him! He is such a good human! He deserved his money, he earned it!!!

— Beansmom4ever (@beansmom4ever) June 13, 2024

There were a few comments that connected Tesla’s new move with Twitter. 

Elon’s happy he got a bit of cash to keep paying for Twitter ????

— Adnan Belushi (@adnanbelushi) June 13, 2024

“Elon’s got the moves like Jagger. Tesla shareholders know he’s the real deal,” read a comment. 

Elon’s got the moves like Jagger. Tesla shareholders know he’s the real deal. ????

— Crypto Empire | AMA + Spaces (@Empire8x) June 13, 2024

Many social media users called it the “billion-dollar dance.”

That’s called the 56 billion dollar dance.

— Chris (@flyrogo) June 13, 2024

The compensation plan, originally approved by Tesla’s board and shareholders six years ago, aims to reward Elon Musk based on the company’s performance metrics. 

The board of the world’s largest electric vehicle maker had argued at the time that his leadership was necessary in achieving ambitious targets and that the package would maintain his dedication to Tesla.

Shareholders also approved Tesla’s relocation from Delaware to Texas, aligning with the company’s operational base. 

Despite the favourable shareholder vote, the legal battle over Elon Musk’s compensation is far from over. The package is still tied up in the Delaware Chancery Court and Supreme Court as Tesla seeks to overturn the initial rejection.

Legal experts believe the outcome will hinge on whether Tesla adequately informed shareholders about the details of the package.