06:21 AM EDT, 06/13/2024 (MT Newswires) -- (Updates with stock movement in headline and story body.)

Tesla (TSLA) Chief Executive Elon Musk said proposals to approve his $56 billion pay package and move the company to Texas appear to be passing with overwhelming shareholder support.

"Both Tesla shareholder resolutions are currently passing by wide margins!" he wrote in a late Wednesday post to his social media platform X. "Thanks for your support!!"

The final results of the shareholder vote are scheduled to be announced Thursday, Reuters reported.

Tesla's board approved the pay package in 2018, but a judge in Delaware ruled this year that the decision was flawed, and the shareholder vote may not be enough to convince him, Reuters cited experts as saying.

Shares of the company were up nearly 5% in recent Thursday premarket activity.

Price: 186.50, Change: +9.21, Percent Change: +5.19