Elon Musk has successfully reclaimed his $44.9bn compensation package at Tesla after a shareholder vote reinforced the pay deal, signaling strong support for his leadership.

The vote took place during Tesla’s annual meeting on Thursday, after a judge in Delaware overturned the initial agreement, citing concerns about the board’s close ties with Musk and its failure to safeguard shareholders' interests.

“I just want to start off by saying, hot damn, I love you guys!” Musk exclaimed joyfully on stage following the vote. “We have the most awesome shareholder base. I mean, it’s just incredible.”

Musk’s pay package, initially valued at around $56bn when Tesla's stock peaked in late 2021, has diminished by about a quarter as the company’s shares have fallen.

The recent vote doesn't guarantee Musk will receive the compensation but could strengthen Tesla’s position in appealing the Delaware ruling against the deal.

Delaware judge Kathaleen McCormick criticized the package in January, calling it “unfathomable” and questioning whether it was necessary to retain Musk and achieve Tesla’s objectives.

Musk, who established Tesla in 2003, does not draw a salary from the company. According to his 2018 compensation agreement, Musk is compensated with stock equivalent to about 1% of Tesla’s equity each time the company meets certain operational and financial benchmarks.

Musk’s leadership has significantly boosted Tesla’s market value to a peak of $1.24 trillion, although recent sales have slowed amid rising competition from Chinese electric vehicle manufacturers.

Musk has also been controversial for his outspoken political views and concerns over his capacity to manage multiple ventures, including SpaceX and social media platform X.

Following Musk’s social media announcement on investor backing, Tesla shares increased by 2.9% during the day and an additional 0.7% in after-hours trading on Thursday.

Prior to the shareholder vote, Musk expressed uncertainty about his future at Tesla. In January, he stated on X that he would opt to develop AI and robotics products independently if he couldn't secure a 25% stake in Tesla.

Currently, Musk holds over 20% of Tesla’s shares, making him the company’s largest stakeholder.

During the same meeting, Tesla shareholders also voted to relocate the company’s incorporation from Delaware to Texas and reappointed Kimbal Musk and James Murdoch to the board.

The precise voting results were not disclosed, though several significant institutional investors, including Norges Bank Investment Management, opposed the compensation deal.