Tesla shareholders approve $56 billion compensation for Musk

Musk was granted a million-dollar severance package as an incentive to keep the company focused, and could be one of the largest compensation packages in American corporate history.

The payment proposal was adopted despite the opposition of some large institutional investors and intermediary companies.

A judge in the US state of Delaware threw out the package in January, saying the compensation approved by the electric vehicle maker's board was an "unfathomable sum" that was unfair to shareholders and could not be justified.

Elon Musk said this year that he does not see his future in the Tesla company, writing on the X social network that he wants a 25 percent stake in the company.

Tesla has struggled over the past year with declining sales as demand for electric vehicles worldwide declines.

But at the company's annual meeting Thursday in Austin, Texas, Musk assured shareholders he would stay on, telling them he could not sell any shares in the compensation package for five years.