Elon Musk got his way.

Shareholders in Tesla voted in favor of his two big asks, reaffirming a multibillion-dollar compensation package that a Delaware judge had nullified and approving the companys reincorporation in Texas. I think were not just opening a new chapter for Tesla, were starting a new book, a jubilant Musk told shareholders at the companys annual meeting.

The vote doesnt end Tesla and Musks legal fights in Delaware, including over the compensation plan. But investors clearly believe that the electric-carmakers fortunes, and theirs, are inextricably linked to its C.E.O.

We have the most awesome shareholder base, Musk said Thursday. Tesla announced on Friday that 72 percent of votes cast at its annual meeting that arent held by Musk or his brother, Kimbal, were in favor of the pay plan. About 84 percent of votes cast, excluding the Musks shares, backed the reincorporation proposal.

DealBook hears that Tesla succeeded in getting retail investors, who were overwhelmingly supportive of Musk, to vote in far greater numbers than they usually do. But the company couldnt have gotten the vote totals it did without support from Wall Street shareholders like Vanguard and BlackRock.

Wall Street thinks Teslas value is tied to keeping Musk happy. The companys chair, Robyn Denholm, had urged shareholders to approve the proposals to retain Elons attention and motivate him to continue to devote his time, energy, ambition and vision to the business.

Musk critics pointed to moves that suggested he could undermine Teslas future if he didnt get his way. Before the latest pay dispute, he had threatened to focus his artificial intelligence work at his other companies if he didnt get greater voting control, and he admitted to diverting Nvidia A.I. chips meant for Tesla to X and xAI. (At least one new investor lawsuit filed in Delaware alleges that Musk essentially strong-armed shareholders to voting his way.)

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What Elon Musk's Convincing Win Means for Tesla - The New York Times