Tesla investors have backed Chief Executive Officer Elon Musk’s historic $56 billion pay package. If the billionaire tech magnate was an Indian company, he would have been ranked the fifth largest by revenue on the list of major corporations in India.

On Thursday, the EV manufacturer’s board approved Musk’s $56 billion pay package, backing his leadership and incentivizing his concentration on the auto giant. The approval has put Elon Musk’s salary higher than the revenue of the fifth-largest company in India, Bharat Petroleum (BP).

Actually, if Elon Musk was an Indian company, he would have been the fifth-largest in the country. Musk’s pay is higher than the revenues of Bharat Petroleum (BP) at $54.03 billion, Tata Motors at $52.43 billion, Hindustan Petroleum (HP) at $52.09 billion, State Bank of India (SBI) at $40.35, Rajesh Exports at $37.48 billion, and Tata Consultancy Services (TCS) at $29.04 billion, according to data gathered from CompanyMarketCap.com.

Elon Musk’s pay package will now be behindOil and Natural Gas Corporation (ONGC) at $77.54 billion, Indian Oil (IOC) at $93.84 billion, Life Insurance Corporation of India (LIC) at $96.10 billion, and Reliance Industries (RIL) at $108.62 billion, according to the data.

Elon Musk’s pay package and legal troubles

Elon Musk’s salary package, originally approved by investors in 2018, got struck down earlier this yearby a Delaware judge. Nevertheless, at the company’s annual shareholder meeting on Thursday, the proposal was approved as a resolution, potentially assisting the board in its legal battle against the court order.Even with shareholder endorsement, legal experts stay uncertain whether it will be sufficient to overturn the Delaware court’s decision.

Tesla board’s vote of confidence on CEO Musk comes at a difficult time

Tesla board’s vote of confidence on CEO Musk comes at a very tough time, as the company’s sales have been dipping over the quarters. Total revenues for the company have dipped 8.69 per cent at $21,301 million, when compared to $23,329 million in the same quarter the preceding year, according to data gathered from the first quarter results of 2024.

The company has shed 26.33 per cent of its market share in the calendar year 2024, the data has shown. Nevertheless, Tesla is still the biggest company in terms of market share.Stock market investors seemed positive about the company’s announcement as shares went up to a high of $191.08 in Thursday’s trading session, the highest since April 30, 2024. Tesla Motors shares are now trading at $182.45, according to market data from Trendlyne.