Yes. At Tesla’s June 13, 2024 annual meeting, shareholders approved ratification of Elon Musk’s 2018 CEO Performance Award. The Associated Press reported 77% support and described the award as valued at $44.9 billion at the time. That vote was separate from the court case over the award; the Delaware Supreme Court later reversed the remedy that had rescinded it.
What did Tesla shareholders approve?
They voted to ratify the 2018 CEO Performance Award: a performance-based stock-option grant approved in 2018, not a newly negotiated compensation package. Tesla announced that the ratification passed at its June 13, 2024 annual meeting. Tesla’s meeting results confirm passage but do not state the support percentage.
The Associated Press reported that 77% of shareholders supported the proposal. AP also described the award as worth $44.9 billion at the time of the vote. That figure is a contemporaneous valuation of the stock-option award—not a guaranteed cash payment or a value that should be treated as current. The AP report gives those figures.
Did the vote mean Musk immediately got the award?
No. The 2024 shareholder vote did not itself undo the Court of Chancery’s earlier judgment. A Tesla stockholder had challenged the grant, and the trial court found problems with the fiduciary process and disclosures before ordering the award rescinded. After the vote, the Chancery Court declined to revise that judgment; among its reasons, it viewed the ratification argument as untimely and found the second proxy materially misleading. Those were the lower court’s conclusions, as described in the appellate opinion.
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The Delaware Supreme Court subsequently changed the legal outcome. In its December 19, 2025 decision in In re Tesla, Inc. Derivative Litigation, it reversed the rescission remedy and awarded $1 in nominal damages. The court also addressed the plaintiff’s attorneys’ fees and expenses. Its concluding statement was: “We reverse the Court of Chancery’s rescission remedy and award $1 in nominal damages.” Read the Delaware Supreme Court opinion.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to understand the vote and ruling
| Question | What the record says |
|---|---|
| What was voted on? | Ratification of the 2018 performance-based stock-option award, not a new compensation package. |
| What was the shareholder result? | Tesla announced approval on June 13, 2024; AP reported 77% support. |
| What did $44.9 billion mean? | AP’s estimate of the award’s value at the time of the 2024 vote, not cash compensation or a current valuation. |
| What happened in court after the vote? | The Chancery Court declined to undo its judgment; the Delaware Supreme Court later reversed the rescission remedy and awarded $1 in nominal damages. |
The vote records shareholder support. The later appellate decision determines the outcome of the rescission remedy. They are separate events, and neither the 2024 vote nor the $44.9 billion valuation should be mistaken for a cash payment.
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