Tesla shareholders have agreed to give CEO Elon Musk the biggest pay deal in corporate history. It would award Elon Musk around 300 million shares in Tesla, equivalent to 10% of the company. That is worth some 56 billion dollars, hundreds of times more than any boss in America made last year. A judge in Delaware blocked the original payout in January, saying the decision to award it was deeply flawed. But rather than back down, Tesla's board put a similar deal to a shareholder vote at the firm's annual meeting on Thursday. They also agreed a plan to move the firm's legal base away from Delaware to Texas. Erin Delmore is in New York and was following the meeting. Welcome to the Tesla Shareholder Meeting. I just want to start off by saying, Hot damn, I love you guys.

This shareholder vote puts Elon Musk one step closer to becoming the most generously compensated chief executive executive in US corporate history. The pay package would award Mr. Musk rights to a roughly 10% stake in Tesla, valued at around 300 times what the top earning executive in the US made last year. A judge blocked the original pay deal in January. It's unclear whether this fresh shareholder authorisation will be accepted by the courts. The vote was seen as a test of Mr. Musk's leadership at the company. Those in favor said he deserved the 11-figure sum for taking the company to new heights as CEO. Those against voice concerns that his attention is elsewhere. Tesla is one of six firms run or owned by Mr. Musk. And the vote comes amid a turbulent year for Tesla, whose shares are down nearly 30% this year as consumers battle high borrowing costs. The company faces supply chain strains and competition from China. Shares are down nearly 60% from Tesla's 2021 peak.

Let's speak to Dan Ives from Wed Bush Securities in New York. Dan, despite Elon Musk's hot damn praise, it wasn't a unanimous vote, and there was the prospect that he could walk at one point.

I mean, that was the worry. But ultimately, Tesla is Musk, Musk is Tesla. In the hearts and lungs of the Tesla story, investors spoke loudly. It's a pop to champagne moment for Musk and Tesla shareholders in terms of now, the next chapter.

Who were the people saying that it shouldn't happen? Who was on the other side of the argument?

I mean, look, that continues to be, in my opinion, just an illogical argument. I mean, you're talking about what's followed man or human in the world. What he's done at Tesla is historical. So voting against it, talk about the most expensive package, took it from 100 billion to a trillion. And I think those that were voting against, now they go into those hibernation mode, into those bear caves.

Prospects now for their autonomous cars to accelerate, their full self-driving cars, and the robot and the cyber truck. What's next for Tesla after this with this boost?

Well, this is a big step, but I think ultimately, autonomous, that's the golden vision. I mean, how you get to 1, 2 trillion in market cap, it's autonomous. It's full of self-driving. August eighth, they'll have a robo taxi day, that would be significant. But Musk is the pilot on the plane. In my opinion, one of the most disruptive companies in the world, this was the vote of confidence. I think there were a lot of white knuckles going in. After what a mozzarella ride for Tesla has definitely been a nightmare the last, call it nine months.

Dan, you're very bullish, and Tesla are on a roll. Even their split share is allowing smaller investors to join in at the moment, but just give us the scenario where it's less of a bull run and more of a bear run. What happens to go wrong here?

Look, under that, it's just the China market continues to be a massive headwind. Competitions increasing across the board. Full self-driving doesn't happen. In my opinion, it's a pound-of-the-table moment. I think this is right now the beginning stages of just this next bull run. I view Tessa where I viewed Metta 18 months ago.

All right. Dan Ives, thank you very much.

Thanks.