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Elon Musk wins vote on $56 bln pay package

STORY: Elon Musk has won shareholder approval for his $56 billion pay package at Tesla.

That’s a record sum in U.S. corporate history.

The result of the shareholder vote was announced at the automaker’s annual general meeting in Austin, Texas.

Though Musk had signaled his confidence hours earlier, posting on X that he was winning by a wide margin.

The result does not mean he gets his money immediately, however.

Musk still has to resolve a lawsuit over the pay package in a Delaware court.

It was a judge there who first voided the payout, saying Tesla’s board had been “beholden” to the billionaire.

Boston College Law School Professor Brian Quinn says there’s still a long road ahead for Musk:

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"What he really should be saying is, ‘I now have a piece of evidence that I can put before a judge to say that the judge should reinstate my stock option package’. This vote is\ not binding on the court. The stock option package as it currently stands has been voided. And they'll be litigating in the Delaware courts for the next few months to see if it can, if that will stand as is.”

Quinn says Tesla will have to show that it was not coerced or improperly influenced by Musk.

Some also expect fresh lawsuits to be filed, potentially dragging out the dispute for months more.

However, shareholders will hope the vote keeps Musk focused on Tesla.

In January, he had threatened to build AI and robotics products at his other companies if he didn’t get his way.

On Thursday, shareholders also approved a plan to move Tesla’s legal home from Delaware to Texas.

And they re-elected two board members: Musk’s brother Kimbal, and James Murdoch, son of media mogul Rupert Murdoch.