05:10 PM EDT, 06/13/2024 (MT Newswires) -- Tesla (TSLA) Chief Executive Elon Musk's pay package was approved by shareholders, the company said Thursday.

"Thanks for your support!!" Musk said prior to the announcement on X, the social media platform he owns.

The package, which was worth about $56 billion at one point, is now valued at about $46 billion.

Tesla shares were up 1.6% in after-hours trading.

Regardless of the vote, which was seen as an endorsement of Musk as CEO, the matter will be decided in court. A Delaware judge ruled earlier this year that the pay plan was improper and "deeply flawed."

Price: 184.31, Change: +1.84, Percent Change: +1.01