The vote, which took place at Tesla's annual meeting in Austin, Texas, does not override the court's ruling but provides a PR win for Musk and could potentially sway future court decisions regarding his performance options.

The compensation package, originally valued at up to $56 billion in Tesla stock, had previously come under criticism from a Delaware court, deeming it "unfathomable." Judge Kathaleen McCormick found that Tesla's board members lacked independence from Musk and failed to properly negotiate his pay package in a transparent manner.

Despite these issues, Tesla shareholders expressed their support for the compensation plan during the meeting. The positive vote represents a public show of confidence in Musk's leadership and his continued contributions to the electric vehicle company.

Following the announcement of the preliminary results, Elon Musk took the stage with enthusiasm, expressing his gratitude to the shareholders. "I just want to start off by saying hot d---! I love you guys," Musk exclaimed.

In addition to the pay package ratification, the annual meeting also saw shareholders voting on various proxy proposals. One notable proposal put forth by Musk was the relocation of Tesla's incorporation from Delaware to Texas, where the company's largest U.S. factory is located. Shareholders voted in favor of the move, potentially indicating a shift in Tesla's corporate operations.

While the shareholders' vote on Musk's pay plan does not alter the court's ruling, it does provide a positive representation of investor support. Tesla shares rose by 2.9% following Musk's statement that shareholders were on track to approve his pay package and the resolution to move the company's incorporation to Texas.

Despite this recent boost, Tesla's stock is still down 27% for the year due to declining sales and increased competition in China. Nonetheless, Musk remains optimistic about the company's future, highlighting Tesla's progress in developing autonomous vehicle technology. He believes that by developing "vehicle autonomy," Tesla has the potential to increase its value tenfold.

While Musk's promises of autonomous technology have yet to fully materialize, with major competitors already operating commercial services in the self-driving sector, he continues to express confidence in Tesla's capabilities. Musk also mentioned the successful launch of the Cybertruck in late 2023 and revealed plans for limited production of Optimus in 2025, as well as testing humanoid robots in Tesla's factories next year.

The positive shareholder vote on Musk's pay package sets a positive tone for Tesla's future, as the company navigates through various challenges and strives to maintain its position as a leader in the electric vehicle industry.