Elon Musk drama intensifies as Tesla shareholders vote on his $56B pay package: Here's what's at stake

Today Tesla shareholders will finally answer a $56 billion question hanging over the company: Can CEO Elon Musk keep his record-breaking pay?

While some on Wall Street expect Musk to secure the lucrative compensation pact, it won't come without a battle — and the drama surrounding Musk is intensifying as the final votes are due to be counted Thursday afternoon.

To review: Musk’s all-stock pay package, awarded in 2018, has been embroiled in controversy and was struck down by a Delaware court earlier this year, with the judge finding that Tesla’s board didn’t act “in the best interests” of Tesla shareholders by approving the $56 billion award.

Since then, Musk and Tesla’s board, led by chair Robyn Denholm, have been advocating rather forcefully for Tesla shareholders to approve a newly submitted pay package, which is very similar to the original 2018 award invalidated by the judge.

Will he get a raise? Tesla CEO Elon Musk is pictured at the Breakthrough Prize Ceremony at the Academy Museum of Motion Pictures on April 13, 2024, in Los Angeles. (Axelle/Bauer-Griffin/FilmMagic) (Axelle/Bauer-Griffin via Getty Images)