07:45 AM EDT, 06/14/2024 (MT Newswires) -- (Updates with breakdown of the votes in the fourth paragraph and share price movement in the fifth paragraph.)

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.

Investors approved the pay package, with 77% of votes cast in favor, according to a company filing with the Securities and Exchange Commission. Investors holding 1.76 billion shares voted in favor of the package, while 528.9 million shares voted against, and 20.6 million shares abstained.

Tesla shares were up 1.3% in premarket activity on Friday.

Regardless of the vote, the matter will be decided in court since a shareholder reportedly sued last week, accusing Musk of coercing shareholders to approve the package.

A Delaware judge ruled earlier this year the pay plan first approved by shareholders in 2018 was improper and "deeply flawed," and the company is appealing that decision. The judge is reportedly scheduled to meet next month with attorneys for Tesla and the shareholder who brought the lawsuit against that plan.

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