The result, announced on Thursday, marks a significant victory for Musk and the Tesla board.

The vote comes after a Delaware judge nullified Musk's original payment, which was valued at around $56 billion at the time, in January. The judge cited concerns about the independence of Tesla's board and the legitimacy of the process used to determine the pay package.

During his appearance on stage following the vote, a gleeful Musk expressed his gratitude to the shareholders. "I just want to start off by saying, hot damn, I love you guys!" he exclaimed.

The approval of the pay package serves as a rebuke to the judge's ruling, giving Tesla's board a stronger argument that shareholders were well-informed about the compensation package and the board's ties to Musk before casting their votes.

Tesla's board had warned that Musk could potentially consider moving away from the company if the package was not approved, while Musk claimed to have widespread support from investors. However, notable shareholders such as Norway's sovereign wealth fund and the California State Teachers' Retirement System publicly opposed the payment prior to the vote. Proxy advisory firms Glass Lewis and Institutional Shareholder Services also voiced their opposition.

Despite the shareholders' approval, it does not guarantee that Musk will receive the $45 billion. There are still ongoing legal disputes surrounding the independence of the board and the fairness of the package. Potential lawsuits may arise from the vote, potentially leading to a protracted legal battle.

Notably, shareholders also approved a measure to relocate Tesla's legal home from Delaware to Texas, potentially adding further complexity to any future challenges.

The original payment package for Musk was devised in 2017, with conditions set for the CEO to receive twelve tranches of stock options based on the achievement of specific revenue and market targets. Shareholders had previously approved the package by a wide margin in 2018, but a lawsuit was subsequently filed, claiming that the board had been deceptive and that the package was unfair.

Judge Kathaleen McCormick, who oversees Delaware's court of chancery, ruled that the process used by Tesla's board to determine Musk's payment was deeply flawed. The judge found that the board was marred by personal conflicts and heavily influenced by Musk's close allies.

Tesla's board intends to appeal Judge McCormick's ruling, and their attempt to rectify the decision through a shareholder vote has proven successful. However, the legal battle surrounding the payment package is far from over, with several unresolved issues still to be addressed.

With the approval of the $45 billion pay deal, Musk's future at Tesla appears more secure. However, the controversy surrounding the compensation package and potential legal challenges mean that this story is likely to continue unfolding in the coming months.