Elon Musk says Tesla stockholders approving his $56 billion pay package by "wide margins"

Tesla CEO Elon Musk said late Wednesday that the electric vehicle company's shareholders were voting to approve his multibillion-dollar pay package by "wide margins," in a post on his social media platform X ahead of the vote's conclusion.

"Both Tesla shareholder resolutions are currently passing by wide margins!" Musk wrote, referring to resolutions to approve his pay package worth as much as $56 billion and a plan to shift Tesla's place of incorporation from New Castle, Delaware to Austin, Texas.

Official vote results haven't been released but Tesla's annual shareholder meeting is slated for Thursday afternoon.